Buyanbat C. is 28 years old and lives with his wife and two infant sons in Zavkhan province in western Mongolia. He and his family live in a ger, a traditional Mongolian nomadic housing tent. His wife is self-employed and manages a public bathhouse in a rented building. C. currently operates an electronics and appliances repair service in his town. He started his business in 2003 with the help of his wife, but has managed it alone since his wife started the bathhouse in 2006. C. is a very persistent and hardworking businessman. He has found success and is always planning for his business' future. His dream is to own his own electronics and appliance store. He is requesting a 3,000,000 tugrug loan to purchase electronic parts for his repair 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.