Sumya is 32 years old and lives with his wife in Khovd Province, Mongolia. He and his family live in a traditional Mongolian nomadic housing tent called a "ger". Sumya manages a transportation service in which he transports baggage and luggage for residents of his province. He also sells firewood, an important household heating fuel in Mongolia.
Sumya started his business in 2003 and has been quite successful over the years. He takes pride in his work and feels that he provides an important service for his customers. Sumya is focused on improving his business in the future and says, “I am working hard to feed my family.” He is requesting a 3,000,000 tugrug (~$2100 USD) loan to purchase fuel and a part 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.