Batbayar is 35 years old and lives with his wife and two children, aged 1 and 3, in Ulaanbaatar, the capital city of Mongolia. They live in a ger, Mongolian traditional nomadic housing tent, in his parent's backyard. He manages a fruit and sweet-stuff trading business with the help of his wife.
Batbayar started his business in 2008 at a rented stall at Narantuul market, one of the crowded and busiest markets in Ulaanbaatar city. Since then, his business has become quite profitable which has allowed him to buy a car. Now, his monthly sales have reached to 200,000 MNT, with daily earning of 70,000 MNT. In addition to his fruit-trading business, he began to operate a taxi service in order to add to his family's earnings. He is planning to expand his business in the future. He is a hardworking man who says, "I am saving my earnings in order to renew my car in the near future." He is requesting a 500,000 MNT loan to purchase a variety of fruit at wholesale prices.
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.