Ganbat S. is 30 years old and lives with his wife and two children in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent, in one of the ger districts on the outskirts of the large city. His daughter attends a local primary school, while his son is in kindergarten.
Ganbat operates a transportation service. He began his business in 2007 and has since gained significant experience. After several years of hard work, he has built a stable operation. He says, “I work hard every day to expand my business in order to improve my car as well as my house and fence.”
Ganbat is requesting a 2000000 MNT loan in order to make necessary repairs on his car.
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.