Myagmarsuren T., 46, lives with his wife and 18 year old son in Tuv province, Mongolia. He and his family live together in a ger (the Mongolian nomadic tent). They have been living together in their current home for 15 years. His son, Otgonbayr, is a university student in Ulaanbaatar, the capital city of Mongolia.
Myagmarsuren operates a meat trading business with his wife. He started a mobile meat trading business in 2004 with a working capital of 200,000 MNT, and after several years of successful operations has built a working capital of 2,000,000 MNT. Over the past six years, he has gained much experience as a trader. He currently has 80 heads of livestock, worth a total of about 1,600,000 MNT. With his business profit, he has been paying the university tuition fees for his youngest son. In addition he was able to pay for the university tuition of his other children through to their graduations. Myagmarsuren is a very hard working person. He says, “I am working hard to expand my business and build a house for my family. ” He is requesting 1,600,000 MNT loan to purchase livestock while it is cheap for 1,000,000 MNT, and other raw materials (such as skins) with the remaining 600,000 MNT.
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.