Enhbold C., age 35, lives with his family in the Huvsgul province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic dwelling. His wife stays at home to watch their young children. Since 2007, Enhbold has been transporting loads using his own big truck between towns and has gained much experience. Now, he is planning to transport harvests from the countryside. Enhbold is a modest and hardworking man. He wishes to improve his truck. Therefore, he is requesting a 2,000,000 MNT loan.
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.