Erdene-Ochir, 47, is married and lives with his wife and daughter in Uvs province of Mongolia. They live in a ger, a Mongolian nomadic housing tent, where they enjoy a decent standard of living. His wife works as a loan facilitator for a financial institution and his daughter attends college. Erdene-Ochir began selling meat in 2004. He purchases meat from local individuals and sells them at his stall in the market. His wife replaces him when she has free time and he takes care of the purchases. He wants to expand his business and increase his working capital. Erdene-Ochir is a hardworking and modest person who says, " I am trying hard to support my family and take care of my daughter's study fees. He is requesting a loan of 1,000,000 MNT to purchase more meat for his business.
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.