Baatarhuu is a 34-year-old man who lives with his wife and and three children in Arhangai province in Central Mongolia. Two of his children study at the secondary school. He has been running a wooden products production business since 2005 together with his wife. The business has been successful and there are number of regular customers. The clear income is around 400,000 MNT a month. It is the only financial resource for the family.
Baatarhuu is a hardworking and talented man who says, "I would like to develop the business activity by buying some necessary materials so the business will earn more." The total amount he is requesting is 500,000 MNT to buy some raw materials.
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.