Munhbayar is a 23-year-old man who lives with his wife and two daughters in Chingeltei district, Ulaanbaatar, the capital city of Mongolia. They live in a "ger", a Mongolian traditional nomadic housing tent, in his parents' backyard. His two daughters haven’t reached school age, so they stay home with their nanny.
Munhbayar manages a grocery trading business with the help of his wife. He started his business in 2006 in a rented stall at Bumbugur trading center, one of the busiest markets in Ulaanbaatar city. His monthly rent is 140,000 MNT. Since last year his wife began to conduct their business independently and Munhbayar started working as a designer at a private company. He is a polite man who says, "My wife and I are doing our best to provide better living conditions for our children." He is requesting a 2,300,000 MNT loan to purchase more grocery products to increase his sales.
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.