Durzee B. is 43 years old and lives with his wife and four children in Uvs province in western Mongolia. He and his family live in a ger, a traditional Mongolian housing tent. His four children, three daughters and one son, range in ages from 12 to 20 years old.
B. and his wife operate a clothing-trade business and transportation service in their town. They provide a variety of clothing items to satisfy their customers' needs and transport and sell coal during the wintertime. Coal is widely used by Mongolians in the winter to heat their homes, and local customers are very much appreciative of B.'s and his wife's service.
The couple started their transportation service in 1987 with a truck that they own. After several years of positive growth with their business, they used their earnings to start their clothing-trade business in 2002. Today they enjoy a stable operation with both businesses and are focused on expanding their clothing business in the near future. B. is requesting a 3,500,000 tugrug loan to import products from China 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.