Gongor is 46 years-old and lives with his wife and four children in Zavhan province, Mongolia in an apartment which they own. During the day, Gongor operates a meat trading business in his town. He sells a variety of meat at a local market called Tavan-Erdene. Gongor has been operating his business since 2000 and has steadily expanded his business over the past years. In the future,he plans to purchase a car with his business profits.
Gongor is optimistic about the future and hopes to grow his business to a very stable operation. His business is very important for him and he hopes his future earnings will improve his family's quality of life. He is requesting a 2,000,000 tugrug (~ 1407 USD) loan to purchase a large amount of meat at wholesale prices and resell them for a profit.
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.