Jargalsaihan D. is 42 years old and lives with his wife and three children in Bayanhongor province, Mongolia. He and his family live in a ger, a traditional Mongolian housing tent. Two of his children attend a local school. His eldest son mainly operates Jargalsaihan's coal trading and transportation business and his wife helps with this business.
Jargalsaihan works and lives in the countryside as a herder. He owns around 300 livestock. He runs his transportation business during winter months and herds livestock in the countryside in the summer months. He first went into business in 2007 by transporting and delivering coal and firewood using his own van in order to increase his family's quality of life. Over the years, he has built a stable and successful operation. For the future, he says, "I am trying hard to earn enough money to build a house and fence for my family". Jargalsaihan is requesting a 1,600,000 MNT loan to use to purchase necessary spare parts for his car (480,000 MNT) as well as more coal (1,120,000 MNT) for resale.
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.