Naranbaatar is 26 years old and lives with his parents and 2 siblings in their small house in Zavhan province, Mongolia. He has a girlfriend and is planning on moving in together next summer. He is now preparing their new home for them.
Naranbaatar is a very hardworking, clever and enthusiastic young man who has started working since he was a university student. He is now running a butcher shop business and buys livestock or meat products from herders in the countryside and sells to Ulaanbaatar city residents. From his business profit he has built small house to eventually live in with his girlfriend, and now needs to purchase and place furniture.
He is requesting loan of 4,000,000 MNT to purchase a large amount of meat products from herders and sell to Ulaanbaatar city residents for Lunar New year celebration.
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.