Serdamba is 44 years old and lives with his wife and four children in the Hovd province of Mongolia. Three of his children are high school students. He moved to Hovd from Erdeneburen in 2000. Since then he has been trading in coal and wood. With his profits, he purchased land. Now he owns two pieces of land, each equal to 0.7 hectare. He has three storage sheds for coal and wood. He is planning to build three more storage sheds. He is a diligent man who says "People who live away from the town center buy a lot of coal and wood. I plan to make some of my land into a coal and wood trading market." He is requesting a 1,000,000 MNT loan to build three storage sheds and buy more wood.
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.