Tileu is 37 years old and lives with his wife and child in a ger, a Mongolian yurt (nomadic tent), in the Bayan-Ulgii province of Mongolia. His wife is unemployed. He started a family business of selling meat in 2010. Aside from the family business, he has a full-time job. However, his family business is only active in the fall season. He is planning to purchase more animals and to store their meat during this time of year. He is a hardworking and diligent man who says "I want to expand my business and increase my capital turnover." He is requesting a 700,000 MNT loan to purchase livestock from the countryside.
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.