Purevsuren is 38 years old and lives with his five children and wife in a ger, a traditional felt tent, in the Arhangai province of Mongolia. His children are all high school students and his wife has a private business. Purevsuren started his business in 2005 by selling dairy products at different places. In the beginning, his capital was 400,000 MNT. Currently, his capital has increased to 1,000,000 MNT. He has been doing this business consistently and has improved his family life with his profits. Purevsuren is a diligent and hard working man who says, “I want to give the best knowledge and education to my children. I also have a plan to buy an apartment.”
Purevsuren is requesting a 2,000,000 MNT loan to purchase dairy products and meat and sell them in Ulaanbaatar.
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.