Purevtsengel H. lives with his wife and three children in their own house in the Uvs province of Mongolia. His two sons are currently unemployed and stay at home with their mother. His daughter attends university. He had been operating a consumer goods trading business since 1998 and had stopped his trading business due to his wife's health condition in 2009.
He used to work as a driver for a local organization, therefore he had gained experience in this profession. Purevtsengel started his transportation business with help of his two sons in 2010 after purchasing a new truck. He is a very modest man and says, “ All I want is to restart my previous business.” He needs more funds to complete construction of his store that costs 1,500,000 MNT and therefore he is requesting a 3,000,000 MNT loan both to purchase a trailer at 1,500,000 MNT for his big van and to use in the construction of his shop.
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.