Byambadorj G. is 32 years old and lives with his wife and two sons in a house inside a fence in Uvurhangai province of Mongolia. His older son, age 10, attends a local secondary school while his younger son is in kindergarten and his wife works as a salesperson in a company.
Byambadorj operates a transportation business. Using his own truck, he manages a coal, firewood and timber trading business in his town. He purchases his materials from the countryside and brings them back to the capital of the province for resale. He began his business in 2000, and since then, he has gained much experience as a truck driver. He says, “I am planning to buy a larger, fuel-efficient truck with a hauling capacity of 5-10 tons”.
Byambadorj is requesting a 2,100,000 MNT loan in order to purchase more coal and wood at wholesale prices from mining operations and the countryside to resell.
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.