Zorigtbaatar owns a small truck that he uses for his transportation business. Since 2004, he has been doing some transportation for local businesses. He usually carries luggage and bags of coal for locals. This year, he is expanding the horizon of his business and has started selling what he used to transport, such as coal. He now purchases a few tons of coal from wholesalers and sells it by the bag to locals who use coal for their stoves to heat their homes.
He requests a loan to purchase more coal for his small 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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