Bold is 51 years old, and lives with his wife and three kids in a ger (Mongolian yurt) in Bayanhongor province of Mongolia. His wife is a nurse, and all his children are college students. He started his car part retailing business in 2003 by renting a container in the market. Now, he has two containers and a larger range of products. Now that winter is approaching, car part demand is increasing. He is a sharp and hardworking man who says "college fees are increasing; therefore, I need to work even harder in order to support my children." He is requesting 2,000,000 MNT to buy supplies.
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.