Munhuu O. is 40 years old and lives with his wife in Uvs province, Western Mongolia in a ger, a traditional Mongolian nomadic home tent.
Munhuu operates a meat trading business out of a stall at the local market in his town, helped by his wife. He travels to the countryside to purchase and transport livestock. He sells the meat at the local market at both wholesale and retail. He started his business in 1998 and has since built a stable operation. After many years in business he has gained a great deal of experience in his trade.
In the future he plans to supply his products to Ulaanbaatar, the capital city of Mongolia. His earnings have enabled him to improve his home by purchasing furniture to replace that which was burned in 2008. Munhuu hopes to expand his meat trading business in the future. He is requesting a 2,000,000 MNT loan to purchase a large amount of meat in order to sell.
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.