Purevsuren D. lives with his wife and nineteen-year old son in a ger, a traditional Mongolian nomadic tent, in the Uvurhangai province of Mongolia. He and his family have lived together in their own yards since 2000. His son, Chimegserchin, has recently graduated a secondary school and will attend a university this year.
He started up his business by selling a variety of meats to his customers at a rented stall in the local market, in 2002. Also he began an extra business to operate a taxi service within his town. He is a very communicative and open minded person who says " I try my best to provide my child with a higher education." Purevsuren is requesting a 2,000,000 Mongolian tugrug (MNT) loan to use for several purposes such as: pay his child's tuition fees, pay accomodation fees, and purchase a variety of meats to sell.
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.