Mr. Sergelen is 45 years old and lives with his wife and four children in a Ger in the Suhbaatar province of Mongolia. His wife, Adiyasuren, is 42 years old and has just given birth to their youngest son. She stays home taking care of the newborn baby. He has two other sons: Batsaihan is 23 years old and is a herder outside of the province centre, and Bat-Erdene is 20 years old and works as a salesperson in a shopping center. His daughter, Ichinhorloo, is 16 years old and is a senior at a local secondary school. He has been operating a construction and renovation business with his wife since 1995. They have covered both their sons' university tuition and living expenses since then and now they are trying to save for their daughter to go to university next year. Family expenses have also increased since the baby was born. The borrower is requesting a loan of 600'000 MNT to purchase additional construction materials to run his business smoothly without temporary pauses in business. He and his wife are hardworking, honest and diligent people.
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.