Boldbaatar G. is 42 years old and lives with his wife and 2 children in Mongolia's capital city, Ulaanbaatar. Both his daughter and son currently attend secondary school. He and his wife currently operate a clothing business out of a stall at Narantuul, Ulaanbaatar's largest outdoor market. Boldbaatar started the business in 2000 after moving his family to Ulaanbaatar. He is a very business-minded and hard-working entrepreneur, and has gained much selling and business experience since he started. With his profits he has been able to expand his business and has found much success. Today, his business capital exceeds 2 million tugrugs and he operates with a profit margin of 30-40%. In the future, Boldbaatar hopes to use the continued success of his business to build a house for his family and move them out of the ger (traditional nomadic tent) in which they currently live. He also must save for his children's future in the hope that they will one day attend university. Boldbaatar is requesting 2,500,000 tugrugs (approx. $1726 USD) to purchase clothing supplies.
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.