B. Sonom lives with his wife and two children in Arhanghay, one of Mongolia's central provinces. His son is unemployed and stays home, and his daughter is a high school student. Using his truck, B. purchases food products from local wholesalers. He then sells the food by driving to local herder families who do not have everyday access to food markets. With his wife's support, B. launched his business in 2002 with $170 of capital. Since then his business capital has increased to $2000. In the future, B. hopes to live in an apartment with access to hot, running water. He requests a loan to purchase more food products to increase his business inventory.
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.