Byambadorj Y. is 54 years old and lives with his wife in Ulaanbaatar, the capital city of Mongolia. He and his family live together in a traditional Mongolian nomadic housing tent called a “ger”.
Byambadorj operates a transportation business in his town. He transports city residents to and from surrounding areas. He has been operating his business for several years and has made much progress during that time. His wife operates a retail business at Narantuul - the biggest and most crowded market in Ulaanbaatar. Byambadorj is a modest person who wants to upgrade his old-fashioned bus which he currently uses. He is requesting a 4,000,000 MNT loan to purchase spare parts for his vehicle in order to improve it.
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.