Lhagvadorj is 31 years old and lives with his wife and two children in a ger, a Mongolian yurt, in Hovd province, Mongolia. His wife stays home to take care of their children. Lhagvadorj manages a meat trading business in his town. He started his business in 2008. Previously he used to operate a meat trading business with his mother and gained much experience. Now he has his own business and is planning to expand it in the future. He is a polite man who attributes his business success to his good communication skills. He is requesting a 1,000,000 MNT loan to purchase an abundant amount of 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.