Erdenebat P. lives with his wife and two teenage daughters in Arhanghay province, one of Mongolia's central provinces. His elder daughter is a student in the National Medical School in Ulaanbaatar, the capital city of Mongolia, and his younger daughter is a local high school student.
Erdenebat and his wife have been running a small business retailing meat since 2005. Erdenebat visits herders in the countryside and purchases livestock at a discount whenever he can. Once he brings the livestock home, he slaughters and butchers the meat into small pieces for individual sale. When it has been prepared for market, his wife sells the meat in the local food retail market.
In the future, he would like to open a large butcher shop. He hopes to be able to afford his daughters' college tuition. He requests a loan to purchase more livestock from herders in the countryside.
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.