Lhagvasuren is 51 years old and lives with his wife and three children in Bayanhongor Province, Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent and fence. His oldest daughter works for the local vocational training center as an English teacher and earns a monthly salary of 150,000 MNT, while his younger two children both attend a local secondary school.
Lhagvasuren works for the steam heating factory as a machinist with a monthly salary of 120,000 MNT, and he and his wife also operate a dairy retail business together. He and his wife started their business in 1998, selling only beverages outside the market. He quickly found success with his new business and managed to expand his business by selling a variety of dairy products and meats. He hopes to continue to grow his business so that he can have his own grocery shop. He is requesting a 650,000-MNT loan to purchase more dairy products and meats at wholesale prices.
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.