Oldokh B. is 30 years old and lives with his wife and five-year-old son in Arhangai province in central Mongolia. He and his family live in a ger, a traditional Mongolian housing tent. His son, Temuujin, is in kindergarten, and his wife, Odontuya, helps B. with the family business.
B. manages a vegetable-trading business in his town. He sells a variety of vegetables which he grows on a two-hectare (5-acre) field that he owns.
B. started his vegetable-trading business in 2002 with capital of 200,000 tugrugs (~140 USD). He has since found success and has built a stable business operation. He attributes his success to his good customer relationships and communication skills.
Today, B.’s working capital exceeds 2,000,0000 tugrugs (~1400 USD). He has used his earnings to purchase a motorcycle which he uses to travel to meet with his many customers and business partners.
For the future, B. plans to rent a stall at a local trading center to sell his vegetables. This will give him room to expand his product variety and customer base. He hopes his future earnings will allow him to buy a car and build a workplace for his business.
B. is requesting a 2,000,000 tugrug loan to purchase fruit to sell along with his vegetables.
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.