Javhalanbayar is 31 years old and lives with his wife and two daughters in Umnugobi province, Mongolia. His wife is a housewife and takes care of the two daughters, ages 8 and 3. His oldest daughter is in secondary school and the youngest is in kindergarten. He and his family lives in a “ger”, a traditional Mongolian tent. After working as a fireman for several years, Javhalanbayar decided to start his own business. In 2009, he purchased tire repair equipment with a loan from Xacbank and started his tire repair business. The profits from his tire repair business have allowed him to build a working place in his yard. After years of successful business operations, Javhalanbayar has earned a good reputation among his customers for his excellent repair work. He hopes to have a sustainable workspace and large auto repair shop in the future. Also he wants to start a grocery shop in his yard so that his wife can earn money to supplement to their earnings. He says, “I am working hard in order to build a grocery shop for the future.” He is requesting a loan of 4,100,000 tugrugs to buy a truck for his business.
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.