Badarch is 60 years old and lives with his wife in a ger -- a Mongolian yurt, in the Tosontsengel province of Mongolia. He started his business 11 years ago by planting vegetables and selling them. He runs this business operation in his hometown. In the future, he plans to expand his business. His wife helps him manage the family business. Badarch is a hard-working and diligent man who says "With this bank loan, I want to expand my business. In the future, I plan to open a grocery shop." He is requesting a loan for 1,000,000 MNT to buy a tractor for his 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.