Ulziijargal G. is a 33-year-old single man who lives with his mother in a ger, a traditional Mongolian nomadic housing tent, in the Zavhan province of Mongolia. His mother is unemployed and helps him with his business.
Ulziijargal operates two different businesses and both are seasonal. In winter months, he operates a raw material trade while in summer months, he sells a variety of fruits in the local community. He has been operating those two businesses since 2008, and has built a stable operation.
Ulziijargal buys a large amount of bilberries and blueberries from Tosontsengel, one of the communes of Zavhan, and sells them at a stall in the market in Ulaanbaatar, the capital of Mongolia. Ulziijargal is a very hardworking man; using his earnings, he has managed to create for himself a demand deposit at the bank of 1,500,000 MNT.
Ulziijargal is requesting a 1,300,000 MNT loan to purchase 200kg of fruits to resell in Ulaanbaatar.
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.