Tseren-Ochir C. is 30 years old and lives with his wife and three children in Govi-Altay province, western of Mongolia in their own ger, a traditional nomadic housing tent. Tseren-Ochir began his meat retailing business in 2008 with the help of his wife. He purchases meat in bulk from surrounding regions and his wife is responsible for the retailing, which she manages at a rented stall in their town market. The two requested a 100,000 MNT loan in 2008 and paid back in full. With their business revenues, they have purchased a small truck, which Tseren-Ochir uses for his transportation business. Both of them are hard-working people who always see a bright future. Tseren-Ochir wants to expand his business, buy a large amount of meat from the countryside during this period when the prices are lower and purchase a yard for his family with his business revenues. He is requesting a 2,000,000 MNT loan in order to purchase meat in bulk and resell at higher prices.
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.