Gereldorj A. is 44 years old. He lives with his wife and four daughters in the Bayanhongor province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent and fence. His oldest daughter is a university student and his younger three daughters all attend a local school.
To support his family, Gereldorj operates two businesses: a machinery parts trading and car repair center, and a transportation service in his town. He owns a small car repair business located next to the main road. At first, he rented a container at the local market from where he sold a variety of machinery parts, but after a year of successful business operation, he managed to buy a plot of land inside a property fence. From his new property, he now sells a variety of machinery parts and provides car repair service to his customers. He was able to buy a car with his earnings, and started his transportation business in 2010 to supplement his income.
Gereldorj hopes to expand his businesses and establish his own machinery part trading center in the future. He is requesting an 2,000,000 MNT loan to purchase more machinery parts from Ulaanbaatar, the capital city of Mongolia, to sell through his workshop.
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.