Baljinnyam is 27 years old and lives with his wife and two kids in a ger (Mongolian yurt) in Hovd province, Mongolia. His children are kindergarten students and his wife is unemployed. He started his transportation business with his own truck in 2009. He has many years of driving experience, therefore, he knows the routes very well. Over the years, he gained many regular customers. He bought his own land with the business profits. Unfortunately, his truck's engine broke down. Since his income is the only income in the family, his family is in a very vulnerable position. In the future, Baljinnyam is planning to buy a new car for his wife and his wife will start to operate a taxi business. He is requesting 2,000,000 MNT to buy new a engine.
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.