Sarhad B. is 55 years old and lives with his wife and four children in Bayan-Ulgiy province in western Mongolia. His oldest two sons are both university students and his youngest two daughters attend a local high school while his wife is retired. He and his family live together in a ger, a traditional Mongolian nomadic housing tent.
Sarhad has been operating a coal selling business in his town since 2001. Even though he is an old man, he operates two businesses in order to educate his children with the proceeds. In 2009, he started collecting livestock to sell.
Sarhad needs more funds to prepare meat in bulk for winter, therefore he is requesting a 2,500,000 MNT loan to purchase more livestock 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.