Batsaihan is 46 years old and lives with his wife and their four children in Ulaanbaatar, the capital city of Mongolia. He and his family live together in a house on their own plot of land. His wife is unemployed, but she sells spare parts from their yard.
Batsaihan has been operating a spare car parts trading business at the ”Uguumur” trading center since 2005. In addition, he keeps the largest spare parts in his yard, where his wife sells them.
Batsaihan has increased his working capital previously using a loan from XacBank. He has been planning to expand his business and to rent a counter at a new location. He was able to purchase a 20-ton container with his business profits. By doing this, he was able to sell spare parts at “Uguumur” trading center. He has great business experience that he gained over the years.
Batsaihan is a very hardworking and responsible person. He is focused on the future and says, “I would like to purchase a house for my oldest son.” Batsaihan is requesting a 2,000,000 tugrug loan to purchase a used truck with a trailer to sell it as spare parts for a profit.
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.