Altangerel T. is 36 years old and lives with his wife and three children in Tuv province, Mongolia. He and his family live together in a ger (the Mongolian nomadic tent). They have been living together in their current home for 15 years.
Altangerel operates a transportation business. He transports his customers from Tuv province to Ulaanbaatar city with a microbus which he owns. He has been operating his business since 2000 and has built a stable operation. Altangerel is a very hardworking person. His business is very important to him and he says, “I would like to operate my business with my current microbus without any problems. For the future, I think I will change my microbus into a smaller one because of the government policy of decreasing the number of microbuses.”
He is requesting a 3,500,000 MNT loan to repair and maintain his microbus in order to provide a more convenient service to his customers.
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.