Ganbaatar S. lives with his wife and three children in a ger (a traditional Mongolian nomadic home tent) in Uvs province, Mongolia. His two oldest children, ages 16 and 14, attend a local high school and his youngest child stays at home with his mother. Ganbaatar operates a raw materials trading business in his town selling things like sheep and goat skins. He started this business in 1997. During the winter, he purchases meat, skins and leather and during spring, he buys goat's wool. He usually purchases his raw materials from neighboring sub provinces and sells at the meat traders in Ulaanbaatar, the capital city of Mongolia. After many years of successful operation, his business has reached a sustainable level and he has expanded his business as well. Ganbaatar is a modest and honest man who hopes to buy his own small truck for his business in the future. He is requesting a 2,500,000 tugrik loan in order to operate his meat trading 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.