Ganbat is 58 years old and lives with his wife and two children in central Mongolia. His wife is unemployed and his son studies at college.
Ganbat started his business by building a small shop within their fence and in 2005 he extended the business by adding a building. The building consists of two parts -- one half is where he lives and the other half is where he operates his business.
Ganbat wants to bring supplies in large quantities from the capital city. He is a hardworking man who says, "I want to extend my business by increasing the types of supplies I purchase in large quantities." The total amount he is requesting is 2,400,000 MNT so he can buy supplies for his shop.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.