Byambatsogt is 53 years old and lives with his wife and a daughter in the capital city of Mongolia. His wife works in a kiosk. His daughter is a college student. He has been running a taxi service since 2008. He also runs a food kiosk with his wife. The kiosk is located at the last stop of the public transport. Therefore, their business is often successful.
Now they plan to increase the sorts of goods by getting different sorts in large quantities to save on transportation expenses. Byambatsogt is a diligent man who says, "I would like to expand my business to increase the variety so that the income would rise and I could save for my daughter's future." The total amount he is requesting is 1,500,000 MNT to purchase products for his kiosk.
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.