Ganbaatar P. is 32 years old and lives with his wife and two children in their own house in Uvurhangai province, Mongolia. He has lived here since 2000. Both his children, ages 11 and 13, attend a local secondary school while his wife works in the school as a cook. Ganbaatar operates a transportation business and a wood, timber and coal trading business in his province.
Before starting his business, Ganbaatar used to live and work in the countryside with his family raising 200 head of livestock. He started his business in 2006 with the help of his sibling, using their small truck. Ganbaatar goes through the countryside to purchase wood, timber and coal and sells them at the local market in his town as a retailer.
For the future, Ganbaatar hopes to continue to grow his business and purchase a fuel-efficient truck with 3-5 tons of capacity. His dream is to provide a higher education for his children. He is requesting a 2,200,000 MNT loan to purchase coal from local mines and wood and timbers for his business.
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.