Molhi H. is 48 years old and lives with his wife and five children in Bayan-Ulgii province of Mongolia. He and his family live together in their ger, which is a traditional Mongolian nomadic home tent and fence. His youngest two daughters both attend a local high school and his middle son works in a local company called Suat.
Molhi has been working as a driver for the Suat company for past 30 years and has gained a lot of experience. Based on his many years of experience, he taught his two sons how to operate a transportation business. Since 2006, his oldest son has been operating a coal delivery and other transportation service using his own Russian truck between local sub-provinces and the countryside. His younger son drives taxi in his town. Over the years, both his sons' businesses have established into stable operations.
Molhi is a very modest and clever man and says, "I have been teaching a life skill to all my children." He is requesting a 3,500,000 MNT loan in order to purchase necessary spare parts for both vehicles in his sons' transportation businesses.
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.