Ayush L. is 46 years old and lives with his wife in Arhangai province of Mongolia. The family all lives together in a ger, a traditional Mongolian nomadic tent.
Ayush operates a mobile dairy trading business, selling dairy products his wife prepares to local markets. He started this business in 1996, with working capital of 50,000 MNT, which has since reached 1,900,000 MNT. In the years of running his business, Ayush has gained a reputation among his customers of being a reliable supplier of quality dairy products. He has used his earnings to provide for his son's needs. With help of his earnings, his son completed his university and started to live on his own.
For the future, Ayush says, "I want to purchase a good quality of dairy products from herders and sell those products to local individuals." He is requesting a 3,000,000 MNT loan to purchase more dairy supplies in order to increase his sales.
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.