Odonbayar is 23 years old and lives with his parents in a ger (Mongolian yurt) in the Govi-Altai province in Mongolia. His parents are retired. He started his business journey by operating a taxi service in 2005 using his own car. Then in 2007 he rented a counter in the market to run a dairy and meat retail business. Since then his income has been pretty much the same, so he decided to expand his business by renting another counter in the market. However he lacks resources to run his business, so he's requesting 3,500,000 MNT to buy 3 cows and dairy products. He is a sharp and diligent man who says, "It's been a while since I started my business. It's time to move aggressively and expand my business."
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.