Choijamts D. is 28 years old and lives with his wife and son in Uvs province, western Mongolia, in their own ger (a traditional housing tent). His wife works a saleswoman in a food shop, while his son goes to kindergarten.
His initial business was selling bricks, which he began in 2007. Since 2009, Choijamts has been growing vegetables on 0.4 hectares of land in the yard where the family lives, with the help of his supportive brother. He works very hard to understand his new business and has already gained much experience. His vegetable growing business is quite seasonal, so he has been thinking of purchasing a car to operate a transportation business for the rest of the time. Choijamts is requesting a 1,000,000 MNT loan to purchase a car in order to increase his business revenues.
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.