Altanhuyag S. is 42 years old and currently lives with his wife and two children in Zavhan province, one of Mongolia's western provinces. His 20-year-old daughter is a 10th grade student in a local high school and his son is an 8th grader in the local school. Altanhuyag sells various dairy products, including cheese, curds, milk, cream, etc. He visits herder families in the countryside, purchases various dairy products at a lower price, and sells them in a small dairy shop that he runs in Uliastai sum, the capital center of Zavhan province. Altanhuyag dreams of having his own farm with livestock one day and opening a shop for his own dairy products. He requests a loan to purchase more dairy products from herder families for his business.
Altanhuyag's wife, who helps him run the dairy shop, is pictured above.
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.