Mr. Chingis is 27 years old and lives with his wife and a son in a small house in Uvs province, Mongolia. His wife Munhzul stays at home herding their 10 cattle to produce organic dairy products while taking care of their newborn baby Dolgoon.
Mr. Chingis has been running an animal pelt and other raw materials retail business in the local market since 2009. He purchases products from local residents and herders and sells to manufacturers in bulk. Mr. Chingis and his wife are very hardworking, caring and thoughtful people who take care of their family and newborn son. He is now requesting loan of 3,500,000 MNT to purchase a large amount of animal pelts and other products at bulk for a lower price. Lunar New year is coming so households in Mongolia prepare a lot of meat-based food to host a Lunar New Year celebration for extended family and friends. As a result, the demand for animal pelts and other products increases this time of year.
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.