Dorjsuren U. is 46 years old and lives with his wife and three children in Ovorhangai province, one of Mongolia's central provinces. Two of his children are university students in Ulaanbaatar, the capital city of Mongolia, and the youngest daughter is 8 years old and goes to a local secondary school. Dorjsuren has an old Russian truck called a ZIL-130. He uses his truck for carrying freight in between different cities. He usually carries firewood and coal between his city and Ulaanbaatar. His wife is a big supporter of his business and helps in his business when she has time. Dorjsuren says that the main source of family income is the trucking business. He pays school tuitions for his two children with the business profits. He works hard to make sure that his children receive higher education without any financial strains.
He requests a loan to repair his old truck and purchase necessary accessories for his truck.
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.