Ahtankajaa S. is 48 years old and lives with his wife and two children in Hovd province in western Mongolia. He lives together with his family in a ger, a traditional Mongolian nomadic tent. His son currently attends a local secondary school and his younger daughter is in kindergarten.
Ahtankajaa operates a vegetable trading business in his town. He grows and sells a variety of vegetables at the local market. Due to the short growing season and long winters in Mongolia, Ahtankajaa preserves most of his vegetables through the winter and sells them in the spring when demand is high. He purchases vegetables from other farmers to sell during the fall and winter months.
Ahtankajaa started his business in 2004 when he began growing vegetables on two hectares (5 acres) of land he owns. Since then, he has built a stable operation and hopes to expand in the near future by planting more vegetables. He is requesting a 1,000,000 tugrug loan to purchase two tons of beets and three tons of carrots to sell.
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.