Tsogtbaatar D. is 43 years old and lives with his wife and two sons in the Hovd province of western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His two sons both attend a local high school.
Tsogtbaatar operates a retail meat business in his town with the help of his wife. He began his business in 1993 and after several years of operation, he has managed to establish himself in the business community. They purchase livestock, slaughter those livestock and sell the meat at retail prices at the local market.
Tsogtbaatar is a talkative businessman and says, "This year, (the) price of livestock has increased greatly. Only four cows can be bought at 2,000,000 MNT (Mongolian tugriks)."
He is requesting a 2,000,000 MNT loan in order to buy more livestock to sell the meat for profits.
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.