Degddorj, 34, is married and lives with his wife and 3 children in a 'ger', Mongolian nomadic housing tent, in Uvurhangai province, Mongolia. His oldest daughter attends a local primary school. They have been living in the same place for 6 years. He has been operating firewood trading business for 2 years. He buys the wood which comes loaded on a big truck and sells it in a local market. He owns a mini truck on which he transports the wood to the market. He transports one truckload of wood with 5 or 6 trips in his own vehicle.
Degddorj wants to buy a new and bigger truck that he can transport the wood easily and reduce his expenses for petrol. He is eager to enlarge his business so that he can make more profit to support his family without difficulty. He is a hard-working and active person who wants to become an independent businessman in the future. He is requesting a loan of 2,000,000 MNT to buy spare parts for his truck and more firewood.
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.