Ashignov N. is 61-year-old single parent with one adult daughter. He and his daughter live together in a ger, a yurt or traditional Mongolian nomadic housing tent, in Hovd Province in Western Mongolia. His only daughter, age 19, attends university. Ashignov operates a coal-selling business in his town. He purchases coal directly from local mines and uses his large Russian truck to transport it back to his town. Since 1985, he has been driving a big truck and has gained a lot of experience as a driver. He hopes to purchase a larger truck in the future. He is requesting a 2,000,000 MNT loan to make necessary repairs to his truck to transport more coal.
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.