Batbaatar T. lives with his wife and two teenage children in the Bayanzurh district of Ulaanbaatar, the capital city of Mongolia. His two children stay with their grandmother in Nalaih, a nearby town, where they both go to a local high school.
Batbaatar had worked for a local police station as a police officer for many years. He has recently quit his job due to poor salary and now drives a cab in the city. His wife also helps in his cab business.
Their living conditions are not very good; thus, Batbaatar decided to send his two children to their grandmother until he gets his old house renovated. He says that he works hard to renovate his old house. Once the house renovation is done, he is looking forward to bringing back his children and living with them together.
Batbaatar requests a loan to repair his car for his taxi business and the rest of the loan will be used to purchase a computer.
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.