Batbayar H. is a 34-year-old married man who lives with his wife and three children in Uvs province, Mongolia. They live together in a ger, a traditional Mongolian nomadic tent, in a rented yard. His oldest two children, aged 12 and 8, both attend a local school while his youngest daughter, 2, is in kindergarten. His wife is currently unemployed.
Batbayar operates a transportation service business in his province. In winter he transports coal and in the summertime carries a variety of loads such as wood, glass, brick, etc., to sell at the local market at a profit. He owns a large transport truck with trailer.
Batbayar has been engaged in this business since 2002 and has found success as a truck driver. His truck can transport a load of up to ten tons, which allows him to make three to five trips per month. He earns between 300,000 and 400,000 MNT from each trip.
For the future, Batbayar hopes to purchase a new Japanese truck in order to transport between provinces. He says, "I work hard to buy a new plot of land with a fence for my family."
Batbayar needs more funds to repair his truck and is therefore requesting a 1,200,000 MNT loan to purchase four new tires and a new engine for his truck.
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.