Lhagvasuren is 40 years old and lives with his wife and three children in a ger (Mongolian yurt) in the Uvurhangai province of Mongolia. His wife is a nurse while his eldest daughter is a college student and his younger two children are school students. He started his water business in 2004 by opening a well in his own yard. He provides all the water within a 1.5 km radius. It is difficult for customers to transport water; therefore, he is planning to buy a new truck to deliver the water. He is a hardworking and diligent man who is requesting 3,000,000 MNT to buy a truck.
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.