Ihbayar D. is 38 years old and lives with his wife and three children in Hovd province in western Mongolia. He and his family live in a ger, a traditional Mongolian housing tent. His daughter, Badamtsetseg, attends a local secondary school, and his younger daughter and son are in kindergarten. His wife, Odontuya, helps her husband with the family business.
Ihbayar manages a vegetable trading business. He plants and grows a variety of vegetables which he sells at the local market in his town. Ihbayar started his vegetable trading business in 2000 and has become an experienced grower over the years. This past season, he had the largest harvest he's ever had. Ihbayar is a very expeditious and level headed person. He is optimistic about the future and hopes to soon build a storage facility so he can preserve vegetables for sale during the winter. He is requesting a 1,300,000 Mongolian tugrug (MNT) loan to begin construction on his storage facility.
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.