Mr. Lutbayar is 44 years old and lives with his wife and four children in a ger in Zavhan province, Mongolia. His wife, Munhtuya, is unemployed. His older son, Hishigdorj, is 18 years old. He is a college student. His older daughter, Ariuntuya, is seven years old. She is a primary school student. His younger daughter and son, Ariunbayar and Ariunsaihan, are toddlers in kindergarten. He started his business in 1997 by making Mongolian traditional boots at home. His business is going well and he has collected 15 years of business and work experience. He plans to expand his business in the future. He is an honest and hardworking person. He needs 600,000 MNT to buy raw materials and inventories for his business.
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.