Baljinnyam P., 25, lives with his wife and four-year-old daughter in Hovd province, Mongolia. He and his family live in a ger (a Mongolian nomadic tent) in a rented yard. His wife, Nyamtsetseg, is pregnant and currently staying at home.
During the day, Baljinnyam operates a transportation business in his town with a truck that he purchased in 2009. Before he purchased the truck, Baljinnyam cooperated with his brother and worked as a assistant driver for him, gaining valuable experience during that time. In the future, he plans to use his business profits to purchase his own plot of land with a yard. Baljinnyam is a very hardworking man who has been working hard to provide a better life for his wife, daughter and new baby. He is requesting a 2,000,000 MNT loan to pay off the truck that he purchased 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.