Ganbaatar B. is 31 years old and lives with his wife and his 12-year-old son and 4-year-old daughter in Uvurhangai province in central Mongolia. He and his family live together in a small house. His wife is currently employed as a salesperson for a private company.
B. operates a goods-trading business in his town. He has many local customers that buy his goods such as food, coal, and firewood. He purchases his products in Ulaanbaatar, the capital city of Mongolia, and uses his truck to transport goods to his province to sell. His truck can transport a load of up to 5 tons, which allows him to only have to make 2-3 trips per month to the capital to purchase the goods.
B. started his transportation service in 2001 and has had much success. His earnings have allowed him to purchase a car for himself. For the future, he hopes to continue making progress with his business and says, "All I want is to be able to provide for my children's education and help them to become good people." He is requesting a 2,000,000 tugrug loan to purchase more coal and firewood 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.