Seteer A. is 48 years old and lives with his wife and two children in the Hovd province of western Mongolia. They live together in a traditional Mongolian housing tent known locally as a ger. His oldest son currently studies at a local university and his 5-year-old daughter is in kindergarten. He and his wife both receive monthly retirement benefits from the government totaling 320,000 MNT, but their main household income comes from their vegetable-trading business.
Seteer has two fields totaling 6 hectares, where he grows a variety of vegetables, as well as a 2-hectare field for hay. Seteer started his vegetable-trading business in 2004. Due to the short growing season and long winters in Mongolia, Seteer preserves most of his vegetables through the winter and sells them in the spring when demand is high. He has an underground storage facility that he built in his yard. During the fall and winter months, he purchases vegetables from other farmers that he resells.
Seteer is a very open-minded and hardworking person. He says, "Generally, my vegetable output is enough to cover my household consumption, however, this year's harvest was very low. Next year I plan to plant more so I will have a surplus to sell"
Seteer is requesting a 1,000,000 MNT loan to purchase 3 tons of carrots and 2 tons of beets 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.