Ulamnemeh is 58 years old and lives with his wife and four children in a ger (Mongolian yurt) in Zavhan Province, Mongolia. His wife helps with income from her business, their eldest three children are employed, and the youngest one is a college student.
Ulamnemeh started his food-cart business in 2009. Now that he has run his business for several years, he has many regular customers. During the winter, the meat prices will increase as usual. To avoid the increased prices, he wants to buy meat worth 2,500,000 MNT.
He is a hardworking and diligent man who says, "If I don't buy meat now, I could lose a lot of customers and I couldn't pay my daughter's college fee.”
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.