Hairolla H. is 45 years old, married, and has three children, two of whom attend school. He lives in Bayan-Ulgii province in western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic home tent. Hairolla operates a livestock and raw material trading business in his town. He started his business in 2004 by purchasing and selling livestock and the animal skins in his local area. His daily sales income is between 15,000 and 25,000 MNT and his net profit is between 15-25%. He continues to make progress with his business and uses his earnings to improve his family's quality of life. His earnings have enabled him to build a house for his family. After many years of operation, Hairolla has gained many permanent partners and suppliers and was able to create a savings account with 10,000,000 MNT in the bank. Hairolla is requesting a 400,000 MNT loan to purchase more livestock to sell for upcoming preparation of meats for winter.
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.