Aibek is 26 years old and lives with his mother and sister in a ger, a Mongolian yurt, in the Bayan-Ulgii province of Mongolia. His mother is a nurse in a local hospital and his sister is a college student.
Aibek started his local transport business in 2008 by using his pick-up truck. He also buys old salvaged cars and sells their parts. He is highly skilled in his businesses. He is a talented young man who says "I am good what I am doing and I need some support to expand my business." He is requesting 2,000,000 MNT to buy a salvaged SUV.
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.