A loan of $2,750 helped to expand his business by purchasing another truck.

Galbaatar's story

B. Galbaatar is 49 years old, and lives with his wife and two children in Gobi-Altai province, Mongolia. He and his family live in a traditional Mongolian housing tent, which is called a "ger." Both of his children (a son and a daughter) attend university.

To earn a living, Galbaatar, with his wife's help, operates a firewood and coal-trading business in his town. They use their own truck to transport the coal and firewood, and they rent a small stall from which they sell their products. Galbaatar started his business in 2004 with a loan of 500,000 MNT (~$350) from Xacbank, Kiva's Mongolian MFI partner. Over the years, his business has been quite successful, and he has proven himself to be a trustworthy borrower. Galbaatar is focused on the future; in particular, he hopes to generate additional income so that he can pay for his children's tuition. He is now requesting a loan in the amount of 4,000,000 MNT (~$2,750) to purchase another truck to use for his business.

About XacBank: XacBank was founded in 2001, and listed its first Kiva loan in January 2009. It is the largest micro-finance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale, and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers in the form of a savings account upon the maturity of their loans. By doing so, XacBank not only allows borrowers to gain financially, but also encourages them to save. To get regular updates from XacBank, please join our lending team at http://www.kiva.org/team/xacbank_mongolia. And to lend to more Mongolian borrowers, please click here:http://www.kiva.org/app.phppage=businesses&queryString=Mongolia&status=fundRaising&gender=All§ors[]=All®ions[]=All&sortBy=Expiring+Soon.

Loan details

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Loan details