Batbayar is a 28-year-old man who lives with his wife and 2 children in Umnugovi province in Mongolia. His children go to kindergarden.
Batbayar has been planting vegetables of different sorts since 2009 with his wife. The average amount he produces is around 10 tonnes a year. He rents the land and performs all the activities with his wife. This business is the only financial source for them to support their two children.
Batbayar is a hardworking and nice man who says that "I would like to expand the business activity to raise the income and support my family more. I need some support to buy the seeds of potato and onion. I have a big plan to expand the business activities by increasing the income and supplying the best vegetable." The total amount he is requesting is 1,135,000 MNT to buy vegetable seeds.
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.