Batbayar is 35 years old and lives with his wife and three kids in a ger, a Mongolian yurt, in his relatives' yard in the Uvs province of Mongolia. His wife is a teacher in the public school. His elder two kids go to school and the younger one goes to kindergarten.
He started his transportation business in 2002 by buying his own truck. During the summer, he does construction transportation. During winter, he transports coal from a mining site and sells it in the market. He goes to the mining site 3-4 times a month. His profit from the coal business is about 300,000-400,000 MNT. He is requesting 1,500,000 MNT to repair his truck and to buy new winter tires.
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.