Baasanjav is 56 years old and lives with his four children and wife in a ger (a traditional Mongolian housing tent) in the Hovd province of Mongolia. His four children are high school students and his wife is currently unemployed. Baasanjav started to trade spare car parts at the local market in 2002. Before this he used to trade cars with other partners. Now, he transports spare parts from the city of Ulaanbaatar and the Mongolia western border to sell them in his hometown.
In addition to his main business, he also trades wood frames of bow and arrow and wooden home furniture. His daily income is between 60,000 MNT to 120,000 MNT and he is planning to expand his business activities. He is a diligent man who is requesting a 1,500,000 MNT loan to purchase spare parts from Ulaanbaatar city.
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.