Bayasgalan R. is 47 years old and lives with his wife and two sons in Uvurhangai province, Mongolia. His youngest son attends a local high school. He and his family live in a ger, a traditional Mongolian nomadic housing tent.
Bayasgalan operates a raw material trading and transportation business in his local town. He has been engaged in this business since 2004 after moving to his current town. He purchases a variety of raw materials from the countrysides and transports those products to his local town in order to sell them as a retailer. His wife helps him with the business. He transports loads between Uvurhangai and Ulaanbaatar, the capital city of Mongolia. After years of operation, he has gained much experience as a driver and has built a stable operation. Bayasgalan says, "I want to expand my business further and my dream is to have my own shop in the future." He is requesting a 1,000,000 MNT loan in order to purchase more coal and wood to sell.
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.