Bahbolot, 38, lives with his wife and two children in Hovd province, Western Mongolia. His children study at the secondary school and his wife is employed. Bahbolot has been running a garment retailing business for a year. He is also planning to plant some vegetables with his wife. He has made some research into the field and prepared an area for agriculture. However, he needs some assistance for the business. Bahbolot is a clever man who says, "I would like to expand my business activity by purchasing seeds and the necessary equipment. My wife and I are really trying to improve our household and to save for our children's futures." The total amount he is requesting is 1,000,000 MNT to buy vegetable seeds.
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.