Bayarsaihan is 42 years old and lives with his wife and four children in a house in Songino-hairhan district, Ulaanbaatar, capital city of Mongolia. His two older sons, age eight and 14, attend a local secondary school while his two younger daughters go to a kindergarten.
He manages a transportation service business in Ulaanbaatar city. He started his business in 2001 by transporting garbage to landfill sites. Sometimes he transports imported goods and products to their destination area. Since 2001 he was able to stabilize his business and is planning to continue it in the future. He is a hardworking man who says, "I am doing my best to feed my family. " He is requesting a 2,500,000 Mongolian tugrik (MNT) loan to purchase auto parts for his truck and to do some repair work.
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.