Bayanjargal, 63, is married and lives with his wife in a ger, Mongolian yurt, in Dornod province of Mongolia. All his children are grown up and live separately. He manages a vegetable trading business at a local market. He plants a variety of vegetables, such as tomato, cucumber, carrots, cabbage, and potatoes, etc. He is a polite man who is planning to continue his business in the future.
He is requesting a 2,500,000 MNT loan to purchase a new truck in order to transport his vegetables.
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.