Bayarmagnai is a 50-year-old man who lives with his wife and two daughters in Selen province in Northern Mongolia. His daughters work at a cafe. He started planting vegetables in 2000. Since 2007 he started to sell his vegetables in the border cities with his wife's help. He has been running this business with his wife and a son who lives independently from the parents. This has been a really successful business because the profits are high and the demand in different cities makes the business more popular.
Bayarmagnai is a hard-working man who says, "I would like to expand the business activity by buying a new truck for the business." The total amount he is requesting is 2,500,000 MNT to buy a new truck.
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.