Munhbayar is a 19-year-old man who lives with his wife and a daughter in Dundgovi province, Mongolia. He married his wife one year ago. Even though they are young and new to business, they started an activity. He has been running a garment retail business since 2011. Now he is planning to increase the types of products because his business has already been appreciated by the customers. Munhbayar is an active young man who is full of new ideas and says, "I would like to expand the business activity by purchasing the supplies in large quantities in different styles". The total amount he is requesting is 3,900,000 MNT to buy garments.
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.