Mr. Altanhuyag is 34 years old and lives with his wife in a small house in the Arkhangai province of Mongolia. His wife Suvd-Erdene is 24 and started their family business together with her husband. Altanhuyag used to work in South Korea as contract worker in heavy and tough factories. He saved a little money to start his own business in his hometown and started a small frozen-food manufacturing business with his wife. Their business has been running successfully for a few months now and needs an additional investment of 3,000,000 MNT to purchase a large amount of meat to reserve for producing more traditional frozen dumplings to sell to his clients. He is a hardworking and modest man.
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.