Mangaljav is 41 years old and lives with his wife and three daughters in Uvs province, Mongolia. He and his family live in a ger, the traditional Mongolian nomadic tent. Mangaljav operates a transportation business with his own truck. He contracts to bring brick, gravel and soil to construction companies during the spring, summer, and autumn. Mangaljav has been operating his business successfully since 1997 and has a loyal customer base. He would like to purchase a trailer which has a capacity of 10 tons for his truck to transport materials including gravel and soil for the airport construction. Mangaljav built a warehouse and a garage for his truck in 2009. In addition, he created his own auto repair center and has been planning to expand and stabilize his business. Mangaljav is a open-minded person focused on the future. He says, “I started saving money for my three daughters' university tuition fees. I would like to purchase another truck for my business in the future.” He is requesting a 3,500,000 tugrug (~ 2560 USD) loan to purchase a 10-ton trailer 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.