Master is 44 years old and lives with his wife and a daughter in Bayan-Ulgii province in Western Mongolia. His wife is unemployed and his daughter studies at the local secondary school. Master started a food market business in 2008 with his money. The market is well-positioned and has many regular customers in the area. He is improving the family livelihood with the business income.
In the last 2 years, he has been retailing livestock. To expand the business and get the needs for the wife and daughter, Master needs a specific amount of financial support. Master is a wise man who says that "I would like to expand my business and improve the livelihood so that I could save for my daughter's future. The way to expand the business is to get the supplies in large quantities". The total amount he is requesting is 1,000,000 MNT to purchase livestock from herders.
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.