Hanat S., 36, lives with his wife and 11year old daughter. He and his family live together in a ger (the Mongolian nomadic tent). They have been living together in their current home for 20 years. His daughter, Kumis, attends a local primary school. His wife is a nurse in a local hospital.
During the day, Hanat operates a truck transportation business. His truck is Russian and his business requires lot of fuel but the truck operates without any problems. Besides his transportation business, he also operates a carpentry business during the summer. He builds houses which take three months to complete. Hanat earns 400,000 – 800,000 MNT for per house that he builds. He is an honest and industrious person.
Hanat would like to create his own carpentry workshop in the future. He is requesting a 1,000,000 MNT loan to transport stones from the countryside in order to resell them in Ulgii soum.
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.