Gan-Ochir is 43 years old and lives with his wife and four children in Ulaanbaatar, Mongolia’s capital city. He and his family live in a ger, a traditional Mongolian nomadic home tent, in his brother-in-law's yard. His wife operates a fruit and dairy products trading business out of a stall in the local market, while Gan-Ochir uses his truck in a transportation business. He has been engaged in this business since 2003 and has built a stable operation. For the future, he hopes to continue expand his business. Gan-Ochir is requesting a 2,500,000 MNT loan in order to paint and purchase spare parts 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.