Lhagvasuren is 39 years old and lives with his wife and three children in a ger, the Mongolian traditional nomadic housing tent, in Hovd province, Mongolia. His three children all attend the local secondary school. He manages a meat trading business at a local market with the help of his wife. He started his business in 1998 and gained much experience. Sometimes he goes to near provinces to sell meat by using his car. He is requesting a 2,000,000 MNT loan to purchase meat and meat products 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.