Vanchin-Erdene B. is 30 years old and lives with his wife and two children in Uvs province in western Mongolia. He and his family live in a ger, which is the traditional Mongolian housing tent. His two children go to a local kindergarten while his wife works as a cook in their town.
Vanchin-Erdene currently operates a small bakery in his town. He started his bakery business in 2007 and makes a variety of breads and baked pastries. He is a hardworking, easygoing man who is focused on the future growth of his business. He says, “I have a plan to expand my business and to create a more efficient workplace in the future.”
Vanchin-Erdene hopes to continue to grow his business in the future and is requesting a 2,000,000 MNT loan to purchase a small car in order to distribute his products throughout his province.
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.