Amanbek S., age 23, operates a transportation business. He began his business in 2007 with a Russian brand car, and he drives between Hosh Agash, a Russian border region, and Ulgii, the center town of Bayan-Ulgiy, twice a week, transporting up to six passengers. He charges transportation fees of 15,000 MNT per passenger. With his business earnings, Amanbek has been able to afford to build a house for himself and his wife. Amanbek hopes to see his business expand and develop over time.
He is requesting a 3,000,000 MNT loan in order to purchase a variety of products in Russia and to re-sell these at retail prices. Primarily, he hopes to be able to afford to purchase a bus for his business. He also needs to devote some of the loan money to his brother's medical expenses in Khazakhstan.
Amanbek lives with his wife and parents in the Bayan-Ulgiy province of western Mongolia. He and his family live together in a 'ger,' which is a traditional nomadic housing tent. He and his wife were married a year ago and his parents are retired.
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.