Muratbek S. is 38 years old and lives with his wife and four children in the Bayan-Ulgii province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His three oldest children attend a local school, and his youngest son is in kindergarten. His wife works as a librarian, and Muratbek operates a coal-delivery business using his own truck.
Muratbek began his transportation business in 2000 and has gained much experience as a driver. After many years of owing his business, he has established a wide customer base. Muratbek is a hardworking and decent man and says, " All I want is to improve my truck, which is very outdated and requires a lot of repairs." He is requesting a loan of 1,100,000 Mongolian tugriks (MNT) to increase his working capital for his coal-delivery business.
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.