Lundee is a 45-year-old man who lives with his wife and three kids in Uvurhangai province in Central Mongolia. His wife is unemployed. His three kids are in college and the high school. He started a raw material retailing business in 2001. He runs the business depending on the season. In wintertime, he trades animal skins and dairy products like milk, milk products and meats. In springtime, he sells forage for cattle. He has been running the business successfully for these years, improving the household and is responsible for the kid's tuition fees. Lundee is a bright man who says, "I would like to expand the business by getting the supplies in large quantities to sell them in wholesale and raise the income". The total amount he is requesting is 3,500,000 MNT to purchase cashmere from Bogd sum.
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.