Serdamda D. is 43 years old and lives with his wife and four children in Hovd Province in Mongolia. He and his family live together in a ger, a traditional Mongolian housing tent. All four children attend a local secondary school. Serdamda and his wife operate a fuel-trading business in their town. He collects dried dung for fuel and rents a car to transport the dung to his town, where he sells it after packing it into bags.
Serdamda started his business in 2000 and has gained significant experience. He plans to save money for his daughter's future education costs. He says, "Our daughter is going to become a student in the next year; therefore, I am planning to save money from now on so that I can afford my daughter's tuition fees. I work hard to support my entire family." He is requesting a loan of 800,000 Mongolian tugriks (MNT) to purchase more coal and collect dung and wood 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.