Batsaihan is 40 years old and lives with his wife and two kids in his own apartment in the Selenge province of Mongolia. His wife helps with his business. His oldest child is in school, and his youngest child stays at home with her mother.
Batsaihan started his transportation business in 2005 using his own car. He has two cars, one of which his wife drives. His car is getting old, and it causes a lot of difficulties for his business. He has already found a buyer for the old car and found a good deal for a new car. He is lacking 2,500,000 MNT to buy new car. He is a sharp and hardworking man who says, "My wife drives one of my cars. It is difficult for a woman to drive an old car that always has problems."
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.