Jargalsaihan D. is 34 years old and lives with his wife and four children in the Hovd province of western Mongolia. He and his family live together in their own house and fence. His three children attend a local secondary school and his wife works as an assistant in the local dentist office. Jargalsaihan operates a meat and raw material trading business in his town. He started his own business in 2008 after working under raw materials traders for two years. He usually purchases his raw materials from a neighbor city, which makes his transportation costs high. Therefore, he plans to buy a new mini truck for his business in the future. Jargalsaihan is a hardworking, modest and optimistic person. He is requesting a 1,000,000 MNT loan in order to buy more livestock skins and wool as well as meats from herders for his meat and raw material 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.