Delger L. is 30 years old, a married man living with his wife and three grown-up children in Hovd province in western Mongolia. He and his family have been living together in their current home for the past 17 years. His older son, 23, and daughter, 19, are both university students while his middle son, 21, currently serves in the Mongolian military.
Delger operates a vegetable trading business in his town with the help of his wife. He provides a large selection of vegetables to his customers. He started his grocery business in 2006, and since then he has been able to increase his working capital. During several years of successful business activity, he has used his earnings to provide for his family and was able to cover his children's educational expenditures.
For the future, he is planning to build a new cellar for preserving vegetables out of his earnings. Moreover, he hopes for continued success and to purchase more vegetables and says, " I continue to provide for my children's education. From my future expected earnings, I will build a new cellar in my yard." He is requesting a 1,500,000 MNT loan to purchase a large amount of vegetables and preserve them for the coming autumn months when prices for those products traditionally decrease.
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.