Darmaabazar G. is 58 years old and lives with his wife and one son in Bayanhongor province in Mongolia. Life conditions are normal. His wife receives a pension amounting to 81,000MNT every month.
Darmaabazar operated a transport business in his local area using his own large Russian transport truck. He used to transport various heavy loads for people and local businesses. Due to old age, he gave up driving the heavy truck and bought new small car after selling his old truck.
Now he operates a taxi service in his town using his car. He is a friendly and hardworking person and plans to provide tuition fees for his son. Darmaabazar is requesting a 700,000 MNT loan to purchase firewood and resell 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.