Purevhuu is a 38-year-old man who lives with his wife and 2 children in the capital city of Mongolia. His wife is unemployed and takes care of their 2-year-old son. The oldest child goes to kindergarten.
Purevhuu started a freight transportation business more than 10 years ago. He has experience in the field and plans to further expand the business activity and increase the volume. This is the only income source for him and his family. In order to keep the business, he needs to replace the wheels of the truck. The wheels have been broken down and so far, his family is in a tough financial situation. Purevhuu is a responsible man for what he is doing and says that "I would like to replace the wheels in order to keep it normal and develop the activities in the coming years." The total amount he is requesting is 3,000,000 MNT to replace the wheels.
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.