Hurelbaatar D. is 35 years old and lives with his wife and two sons in a ger, a traditional Mongolian nomadic home tent and fence in the Bayanhongor province of Mongolia. His wife works as a teacher for a local school, his oldest daughter is university student and his youngest daughter attends a local secondary school. He operates a transportation business between local towns and cities. He started his own business in 1996 by operating a consumer goods trading business at the local market which is currently managed by his wife during summer months. After years of successful operation, he was able to start new business of transportation business in 2004 and has since built a stable operation with his new business. One day, Hurelbaatar would like to be able to purchase a larger bus in order to transport more people between towns. He is a talkative, open minded and hardworking man and is requesting a 1,500,000 MNT loan so that he can purchase new machinery parts for his car.
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.