Shiiter is a 41-year-old man who lives with his wife and three children in the central province of Mongolia. His wife is employed. Two of his children go to secondary schools. He started a freight transportation business in 201. He owns a small truck that he uses to deliver sacks of coal into the city. He has been supporting his family members with the business income. Shiiter is a clever man who says that, "I would like to increase the business activities by repairing my truck. Because it has been broken down, it needs to be repaired in order to stabilize the business. I am planning to develop the business, not stop it." The total amount he is requesting is 3,500,000 MNT to buy spare parts for the 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.