Dagvadorj is a 65-year-old widower who lives alone in a ger in Arkhangai Province, Mongolia. His wife passed away a year ago and his children are all married and live away from him. Dagvadorj has been operating his transportation business since 2003. Unfortunately, his truck has broken down and needs some repairs so he can provide transportation services. He is now working as a security guard at a local shopping center.
Dagvadorj is requesting a loan of 400,000 MNT to fix his truck and restart his transportation business. He is a well-behaved, hard-working person.
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.