Narangerel is 40 years-old and lives with his wife and three children in Zavhan province, Mongolia. He and his family live together in a traditional Mongolian nomadic housing tent called a ger. His three children, aged between 10 and 16, attend a local secondary school. They have been living together in their current home for eight years.
At present, Narangerel operates a meat trading business with his wife in his home town. He sells a variety of meat to his many customers. Narangerel has been operating his business since 2006, and has built his business to a consistent level. Narangerel plans to supply meat to Ulaanbaatar city, the capital city of Mongolia, which will bring more profit and sales revenue to his business. He is a very hardworking person and his business is very important for him. He says, “I always try to sell healthy and high quality meat to my customers.” He is requesting a 2,500,000 tugrug (~ 1800 USD) loan to purchase more meat for his business.
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.