Dorjsuren S., 49, lives with his wife and four children in the Arhangai province of Mongolia. He and his family live together in a ger (the Mongolian nomadic tent). Dorjsuren operates a dairy-product trading business. He has been operating his business since 2006, and has steadily expanded his business over the last four years. Dorjsuren started his business with working capital of 200,000 MNT, but with a lot of hard work and determination, his working capital has increased to 1,500,000 MNT today. Dorjsuren purchases his products in Bulgan soum, and resells those products at the Hasu trading center. He has gained much experience in previous years and has built a loyal customer base. Dorjsuren is an honest person and focused on the future. He would like to expand his business. Dorjsuren is requesting a 1,500,000 MNT loan to purchase more dairy products 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.