Tserenbaatar is 33 years old and lives with his wife and three children in a ger (Mongolian yurt) in Uvurhangai Province, Mongolia. His wife is unemployed and looks after their young daughter. His eldest son is a student and the other one is in kindergarten. Tserenbaatar transports sacked coal and meat by his Frontier car and had been selling them since 2005. Now he owns an automobile. In winter, he buys cattle and then sell them, and he is thinking of continuing this business. He is a laconic and shy man who says, "Now it is time to work and earn money as I am young and healthy." He is requesting a loan of 3,000,000 MNT to buy more meat to sell.
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.