Zorigoo A. is 28 years old and lives with his wife and two young children, ages 2 and 4, in Hovd province, Mongolia. He and his family live in a ger, a traditional Mongolian nomadic housing tent, in a rented yard. Both of his children attend the local kindergarten.
Zorigoo operates a vegetable trading business in his town. He started this grocery business in 2008 by planting and harvesting vegetables to sell at the local market for a profit. After several years of successful business activity, he has used his earnings to provide for his family and was recently able to renovate and decorate his house.
For the future, he plans to increase his working capital and to purchase land where he will grow a variety of vegetables. Zorigoo is a modest and hardworking man. He is requesting a 3,000,000 MNT loan to purchase and preserve a large amount of vegetables when prices for those products are low.
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.