Sosorbaram D., age 34, lives with his wife and two sons in Tuv province, Mongolia. They have lived together in a 'ger' (traditional Mongolian tent home) on a small plot of land they own for several years. His two sons, ages 12 and 8, attend a local school while his wife works as a cook in a restaurant.
Sosorbaram operates a meat trading business at Huchit Shonhor market, the largest meat supply market in Ulaanbaatar, the capital city of Mongolia. He has operated this business for the last 3 years and has found much success with his new business. He usually purchases his meats from the countryside and sells it at the Huchit Shonhor market as a wholesaler. Also he sells meat through meat shops in the rural areas as a retailer.
Before starting his own business, he was a herder between 1992 and 2002 and worked as an assistant in the meat shop at the Har horin, a big market in the city from 2002 to 2004. His business was successful enough to purchase a new house and fence for his family. Moreover, his earnings have enabled him to buy a new small car as well as a van for his business.
He is planning to establish his own meat processing factory in a building that he purchased out of his earnings. Sosorbaram is a very modest, honest and hard-working man. "My only goal is to open my own meat processing factory and export a variety of processed meats on the foreign market," he says. He is requesting a 3,000,000 MNT loan for his meat trading business.
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.