D. Baldorj is 31 year old and lives with his wife and five children in the Arhangai province of central Mongolia. The family live in a ger, a traditional Mongolian nomadic tent.
Baldorj and his wife run a retail dairy business from a stand at the local market. Baldorj began his business in 2006 with working capital of 500,000 MNT. In operating his business, he purchases dairy products in the Ugiinuur soum and sells them both in the province center and in Ulaanbaatar, the capital city of Mongolia. Due to his dependable suppliers and good business sense, today his working capital exceeds 2,000,000 MNT. Baldorj would like to save money for the future to ensure that his family has security and that he and his wife can continue to pay their children's education fees. He is requesting a 2,000,000 MNT loan in order to purchase a large variety of dairy products 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.