Batsaihan has a small business selling wood retail. He owns an old Russian truck called Zil 130. He drives his truck between nearby towns and Ulaanbaatar, the capital city of Mongolia. He visits nearby towns and purchases unprocessed cut wood and transports it to Ulaanbaatar. He sells that wood at the wholesale markets in Ulaanbaatar for a profit.
His brother also works in the wood retail business in Arhangai province, where he resides with his family, and helps a lot in his business. He has done well with his business; his business capital growth is an evidence of his business expansion. The capital has increased from 800,000 MNT to 3,000,000 MNT ($1 USD = 1,420 MNT). His short-term goal is to renovate his old house for his family. He says that he is working hard to make sure that his family lives in a better house.
He requests a loan to purchase more cut wood for his business.
About XacBankThis 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.
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