Davaasuren is a 48-year-old man who lives with his wife and four daughters in Hovd province, Mongolia. His wife is a server and three of his daughters study at secondary schools. The oldest daughter goes to college.
Davaasuren has been running a meat retail business for 17 years. He already has a well-located shop counter and now has many regular customers. He purchases the meat from the neighboring villages.
Davaasuren is a hardworking and active man who says that "I would like to develop the business activities by purchasing supplies in large quantities. I am planning to save for my three daughters' college fees". The total amount he is requesting is 2,800,000 MNT to buy more meat.
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.