Galdan is 63 years old and lives with his wife in a house in Songino-Hairhan district, Ulaanbaatar, the capital city of Mongolia. All his children are grown up and live by themselves. He manages a fruit and vegetable preserves business in Ulaanbaatar city.
He started his business in 1998 with the help of his wife. Before his business operation he used to work at the General Police Department of Mongolia as an inspector. Now he produces a variety of products including pickled cucumbers, cucumbers in brine, various vegetable salads, pickled mushrooms, horseradish and beetroot with horseradish and pickled peppers, etc. His products are quite popular amongst his customers.
Galdan is an honest man who has managed to stabilize his business. He says, "I am happy managing this business because it has allowed me to have consistent earnings that support my life." He is requesting an 800,000 MNT loan to purchase vegetables in order to increase his business sales.
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.