Mr. Baasanjargal is 42 years old and lives with his wife and four children in Ger in Tosontsengel soum of Zavhan, Mongolia. He and his wife Uuganbayar, age 38, has been running a cobbler service business at home since 2006. His sons Myagmarjav, age 16, and Sugarhuu, age 14, and daughter Hongorzul, age 11, go to local schools. The youngest daughter Suglegmaa, age 4, goes to the local kindergarten. They have already built closer relationship with their customers and suppliers over the years. He is now requesting 1,000,000 MNT to purchase leather and other inventory for their cobbler business. Both the borrower and his wife are hardworking and positive people.
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.