Munhbayar is 29 years old and lives with his wife and two kids in a ger, a Mongolian yurt, in Uvs province of Mongolia. His one daughter is a student in elementary school and the other one stays at home with her mother. He started his taxi service in 2004 with his car. Now he wants to buy a truck for 6,000,000 MNT. In order to buy a truck he'll sell his car. He'll also sell 2000 seabuckthorn trees which he planted himself, for 2,000 MNT each. He is a hardworking and diligent man who says, "Now that the mining business is booming in Mongolia there's high demand for trucks. With the income I want to build my own house." He is requesting a 2,500,000 MNT loan to purchase a new truck for his taxi service.
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.