Uitumen is 45 years old and lives with his wife and three children in a ger, Mongolian yurt, in Uvurhangai province of Mongolia. His three children, all attend the local secondary school.
He manages a dairy product trading business with the help of his wife in his town. He started his business in 1990 with several livestock in his possession. In order to expand his business he wrote a business plan to increase his milk sales and bought four cows which have been funded by Xacbank, one of the biggest banks in Mongolia.
He is planning to supply all secondary schools in his province with his milk produce. He is a hardworking man who says, "I am planning to supply all the milk demands of our province." He is requesting a 2,500,000 MNT loan to purchase cows to produce more milk.
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.