Jargalsaihan S. is a 65-year-old single father and currently resides with his son in Arhangai province, one of Mongolia's central provinces. His son is 20-year-old and helps in his father's business. Jargalsaihan rents a small stall in the local food market and sells various cut meat, including mutton, beef and goat meats in small pieces for locals. He usually purchases livestock, such as cattle, sheep and goats when price of livestock is low and sells them when meat price peaks during a year. Since the start in 2006, he has been quite successful with his business; his business capital has increased from 100,000 MNT to 600,000 MNT ($1 USD = 1,450 MNT). He says that he would like to expand his business as capital allows. Further, he would like to put aside some money for his son's future wedding, which he is very much looking forward to.
He requests a loan to purchase more livestock for her meat retail business.
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.