Jamts M. is 52 years old and lives with his wife and 23 year old daughter in Zavkhan province in western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. Both his wife and daughter work as cooks at different restaurants in the area. M. operates a taxi service in his town. He started driving a taxi in 2000 after purchasing a car imported from Korea. After several successful years, he used his earnings to buy a new car in 2008. M.'s business is very important to him and his family. He says, "All I want is to continue to provide for my family in the future." He is requesting a 1,100,000 tugrug (~750 USD) loan to purchase machinery parts for his car.
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.