Dorjdagva N. is 26 years old and lives with his wife and 3 year old daughter in Arhangai province, Mongolia. He has a very nice family with and they live together in a ger, the Mongolian nomadic tent. Dorjdagva operates a transportation business with his brother. He has been successfully operating his business since 2009 with his own truck. He earns between 300,000 – 400,000 tugrugs (~ 250 USD) per trip. Dorjdagva has been planning to purchase a heavy duty truck which will help to increase his earning to 700,000 – 800,000 tugrugs (~ 550 USD). Dorjdagva is an optimistic person who is focused on the future. He says, “My truck is main source of income for my business, and I would like to purchase heavier duty truck in order to increase my earnings. ” He is requesting a 3,000,000 tugrug (~ 2195 USD) loan to contribute money to purchase a heavy duty 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.