Boldbayar M. is a humble, helpful and open-minded person. He lives with his wife, Badamtsetseg, and 3-year-old daughter in Ulaanbaatar, the capital of Mongolia. They all live together in his father-in-law's house. Boldbayar currently operates a transportation business in the city using a van he owns. Every day, he makes ten trips between two transportation terminals in the city. His wife works along with him, collecting fares and announcing stops as he drives. They enjoy the work, however, his wife's voice is starting to tire after years of loudly announcing route stops. Boldbayar started his business in 2006, after obtaining a loan to purchase his van. He has found much success as a driver, however, he recently had to purchase a bus as the city government plans to enact a law forbidding the use of vans for transportation in the city. He hopes to use future profits from the business to provide his family with their own house. He is requesting a 2,000,000 tugrug (~1,380 USD) loan to purchase a new van motor and four wheels to keep his van operating efficiently.
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.