Sengee B. is 48 years old and lives with his wife and 5 daughters in the Bayanhongor province of Mongolia. He and his family all live together in a ger, a traditional Mongolian nomadic home tent. His oldest son has recently graduated from university and is helping with his parents' businesses. Sengee's eldest daughter is a university student, while his two younger children attend a local secondary school. Sengee and his wife own and operate two family businesses selling and trading items such as spare parts and consumer goods in their town. He started his business in 2003 by selling ice cream and other small items, and through this he was able to start his machinery parts trading business with his wife. After many years of successful operation, they were able to expand their business and establish their second business, which is a consumer goods selling business. They sell a variety of common used goods that are imported from Erlian, a border city of China. The couple has built two stable businesses. In addition, Sengee works as a guard in a local government agency to supplement his earnings. In the future, he hopes to continue to grow both of his businesses and says that he is "planning to save enough money in order to purchase an apartment in Ulaanbaatar for my son." Sengee is requesting a 2,000,000 MNT loan to increase his working capital for his businesses.
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.