In 1997, he started a wholesale meat business at the local market "Huchit shonhor". Tumurbaatar has an old Russian pick-up truck which he uses once every two or three months to pick up meat in Arhanghay, one of Mongolia's central provinces. He buys whole animals such as sheep, cows and horses with 4.5 million tugrugs ($1.00=1450 MNT) to re-sell for a higher price.
In 2008, his spouse, Enhtuya, joined him in his business. She rents a stall for 200,000 tugrugs at "Asait," one of the local food markets, to sell meat. Their working capital has now increased to 5.8 million tugrugs and their average monthly income is 8 million tugrugs. Tumurbaatar requests a loan to buy more whole animals to increase his business inventory.
About XacBankThis 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.
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