Dorjsuren, 24, lives with his wife and his two children in their own small house in Tosontsengel, Mongolia. His wife works at a bank. His children are kindergarten students.
Dorjsuren started his livestock raw material business with his brother in 2006. He also opened his grocery store due to the business profit in 2011. Now his business is sustainable and has many regular customers and suppliers.
He wants to expand his business. He would like to buy a car for his business as he needs to carry products. The price of the car is 6,000,000 MNT. He has prepaid 3,900,000 MNT for the car. Now he is requesting 2,100,000 MNT to pay off the rest.
Dorjsuren is a hardworking man. He said, "My business efficiency and profit is incurred by buying a car. My next goal is to open my own cafe and restaurant."
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.