Bolor-Erdene is 28 years old and lives with his wife and a 5 year old daughter in northern Mongolia. His wife works as a teacher at the local kindergarden.
He has been running intercity transport business since 2000. During these times, he found a new business idea to start meat retailing. He did enough research about the new business. He is going to sell them at the well positioned shop counter in the area. He is a really intelligent guy who says that "I would like to start this business with the financial help so that I can save money for my family and I have a plan to live happily with my family". The total amount he is requesting is 3,500,000 MNT to purchase livestock.
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.