Bolor-Erdene T. is 42 years-old and lives with his wife and two sons in Arhangai province in central Mongolia. He and his family live together in a ger, a traditional housing tent. His wife works in the local Vocational Training Center and the two sons attend the middle school in their town.
Bolor-Erdene operates a food retailing business out of a small shop. He started his business in 2004 with a working capital of 100,000 MNT and since then it has increased to 6,000,000 MNT. Over the years Bolor-Erdene has worked hard to build a stable business operation and has gained much experience. His wife always helps him with his business and sells the products as well. His business is very important to him and his family. He says, "My only wish is to enlarge the business and create our own food industry." Bolor-Erdene is a hardworking person. He is requesting a 3,500,000 MNT loan to purchase more 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.