Bayaraa is 42 years old and lives with his parents, wife and son in a ger (Mongolian yurt) in Ulaanbaatar City, Mongolia. His wife sells grocery products and his son is a kindergarden student.
He started his public transportation business in 2008 with his own microbus. Over the years he made it to the most profitable route. Therefore, his income is stable. Also, when his business slows, he helps his wife's grocery products trading business.
He's requesting 1,300,000 MNT to make decorations for his new house and to buy spare parts for his microbus. He is a sharp and hardworking man who says,"My income is the main income in the family. I just could not afford to lose this route for the sake of my family."
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.