Altangerel is 55 years old and lives with his wife in Arhangai, Mongolia. They live in a traditional Mongolian nomadic housing tent called a ger. Their children are grown and have left home. Altangerel and his wife operate a dairy production business at a local market. He produces and sells milk, curd and skim milk. He has been in the business since 2007 and has steadily expanded it. During the summer he sells only milk but in the spring and autumn he sells other dairy products as well. Altangerel would like to improve his livestock and develop breeds. He is optimistic about the future and hopes to grow his business into a stable operation. Altangerel is requesting a 4,000,000 tugrug (~ 2815 USD) loan to purchase livestock.
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.