Battsengel D. is 37 years old and lives with his wife and daughter in the Huvsgul province of western Mongolia in their own ger, a traditional nomadic housing tent. Battsengel has been managing his taxi service between the countryside and the capital of the province since 2005, while his wife began selling firewood at retail prices in 2007 at her town market.
As a result of a many years of business operation, Battsengel has become experienced at repairing vehicles as well. His wife has also created a wide customer base, which enables her to sell firewood fast. The two work very hard to provide for their family and are optimistic about their future.
Battsengel and his wife hope one day to grow their businesses by creating their own workplace where they could sell firewood as well as operate a car-repair service. Batssengel is requesting a 1,000,000 Mongolian Tugriks loan to purchase parts for his automobile and a large amount of firewood for his wife's business in order to resell during the upcoming cold season.
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.