Damiranjav is 38 years old and lives with his spouse and three children in the Khovd province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His oldest son attends university and his two younger children, 10 and 4, attend a local secondary school. Damiranjav operates a local transportation service in his town where he not only transports people, but also coal and firewood. He began his business in 2006 with his own truck and is planning on continuing in this business for the future in order to provide for his children’s education. Damiranjav is requesting a 2,000,000 tugrug (~1,400 USD) loan in order to purchase replacement parts for his truck and for his oldest son’s tuition fees.
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.