Renchinbaatar is a thirty-six-year-old man who lives with his wife and three kids in Uvurhangai province in Central Mongolia. His wife does sewing from home. Two of their children are in school.
Renchinbaatar has been running a freight transport business since 2010. He mostly transports freight to rural areas. People hire him because of his experience of driving and knowledge of the roads in the area. He also retails sacks of wood and coal.
Renchinbaatar is a hardworking and active person who says that "I would like to expand the business by getting sacks of wood and coal in large amounts and I have a further plan to keep this business". The total amount he is requesting is 2,200,000 MNT to purchase sacks of coal and wood to sell.
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.