Chuluunbaatar T. is a 43-year-old father of two teenage daughters. He currently lives with his wife and two daughters in Arhangai province, one of Mongolia's central provinces. His two daughters are 17 and 19-year-old and both go to a local high school. His wife is a cook and works in a small local restaurant. Chuluunbaatar currently drives a cab in the town. He has been in the taxi business since 2007. Since the start, his business has done quite well; his business capital has increased from 80,000 MNT to 400,000 MNT ($1 USD = 1,450 MNT). Chuluunbaatar hopes that he would be able to purchase new taxi for his business one day. He requests a loan to repair his old car that uses for his cab 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.