Gombo S. is 71 years old and lives with his wife and two children in a ger, a traditional Mongolian nomadic home tent and fence in the Uvurhangai province of Mongolia. His one child attends university while his wife and oldest son both help him with the business. He operates a vegetable growing and trading business where he plants and grows a variety of vegetables in his own 800 m/square field. With the help of his son and his wife, he sells those vegetables out of a rented stall at the local markets. He has been engaged this business for the past 15 years and has since built a stable and successful operation. Before starting his own business, he worked as an agronomist for the agricultural department until 1995, after graduating from Agricultural University as an agronomist. After many years of owing his business, he has gained a lot experience as a farmer and his earnings have enabled him to build a greenhouse in 2009. They plant a variety of special vegetables in the greenhouse. Gombo is a hardworking and experienced businessman and says, "People, when they are retired, they just stay at home and do nothing. People can not be retired, they can still work." He is requesting a 500,000 MNT loan to purchase necessary materials and supplies in order to pickle their vegetables.
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.