Sengedorj is 48 years old and lives with his two daughters and wife in a ger, Mongolian yurt in Hovd province of Mongolia. His eldest daughter is a college student and the other one is a high school student. His wife works as an assistant researcher at the Power Station.
Sengedorj started to trade livestock, meat, and hay in 2002. Every year, from August 15th to September 10th, he harvests hay. From August 20th to the end of October, he buys livestock, and then sells his goods and livestock in the spring. He stores meat in a rented warehouse. He has collected much business experience in the last years. He is a diligent man who says "I want to build a warehouse for meat in my fence (yard)." He is requesting a 2,500,000 MNT loan to purchase more livestock, and gasoline for his tractor to harvest hay.
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.