Biahmet N. is 51 years old and lives with his wife and three children in Bayan-Ulgii province in western Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His oldest son is university student and the younger two children both attend a local high school.
Biahmet operates a livestock trading business in his province. He purchases livestock from the countryside and neighbouring towns at wholesale price and transports them using his own jeep to sell those livestock at his local town as a retailer. He started his livestock trading business in 2008 after operating a meat trading business since 2000.
After many years of operation, he has gained much experience as a businessman and has built a stable operation. Biahmet is a very honest and hardworking man and says, "All I want is to improve my family's standard of living." He is requesting a 1,100,000 MNT loan to purchase more livestock at wholesale prices from the countryside.
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.