Byambasuren, 38, lives with his wife and three children in a ger, a Mongolian yurt, in the Arhangai province of Mongolia. His wife looks after their youngest daughter at home and the elder two go to school.
Byambasuren started his business in 2002 by purchasing his own van for a transportation business. His business is sustainable. Now that winter is approaching, he needs to replace and repair the van's engine. He is a strong and diligent man who says, "I love my work and I have a vision that someday I could buy a truck." He is requesting a loan of 3,000,000 Mongolian Tugriks (MNT) to replace his van's engine.
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.