Janbolat H. is 35 years old and lives with his wife and two young children in a ger, a traditional Mongolian nomadic tent home, in the Bayan-Ulgiy province of western Mongolia. His wife is unemployed and stays at home with their children.
Janbolat operates a transportation business. He started his business in 2004 with his own big truck. He transports people's loads between Ulaanbaatar, Mongolia's capital city, and Tashkeshtan, China's border city. Janbolat has also begun to supplement his transportation service earnings by transporting and selling coal in the local community. He purchases one ton of coal for 35000 MNT from the countryside, transports it 150 km and and sells it at the local market for 50000 MNT. His large Russian truck consumes a lot of petrol, which is very costly. Because of that, his transportation business has not reached a sustainable level yet.
Janbolat is a very open-minded and hardworking man. He says, " I want to save enough money and build a big house for my family." He is requesting a 2000000 MNT loan to purchase six tires 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.