Bayasgalan is a 30-year-old man who lives with his parents in Hovd province in Western Mongolia. He started an intercity transportation business in 2006. He drives between the capital city and Hovd province. Previously, he worked as an assistant driver for a company. The advantages he has in the transportation business are that he knows the country roads well and that he is a professional driver. He has a plan to expand his business by replacing the van with a minibus.
Bayasgalan is a talented driver and says, "I would like my van to be repaired and to replace the wheels. My van gets broken down due to the bad roads; therefore, it needs to be repaired.” The total amount of the loan he is requesting is 2,000,000 MNT. He will use it to replace the wheels and make the repairs.
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.