Gantumur B. is 44 years old and lives with his wife and four children in Uvurhangai province, Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent home. Gantumur operates a retail dairy business in his town, together with his wife.
Gantumur purchases his dairy products from Zuunbayanulaan and Batulzii sub-provinces and sells them at the central market in main town of the province or in Ulaanbaatar, the capital city of Mongolia. He sells a variety of dairy products wholesale to the dairy products traders in his local town and through his sibling who owns a stall in the market in Ulaanbaatar.
Since beginning his business, he has been able not only to provide for his family, but he has also been able to purchase a plot of land and a fence where he has built a house. Gantumur hopes to continue to grow his business so that he can provide for his family in the future. He is requesting a 2,500,000 MNT to purchase more dairy products at wholesale prices and preserve them in order to sell them when prices for such products rise.
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.