A. Munkhtsolmon is 27 years old and lives with his wife and infant son in Arkhangai province, Mongolia. He and his family live in a traditional Mongolian housing tent called a “ger”. His wife is currently unemployed and stays at home to look after their young one. Munkhtsolmon operates a transportation service in his town. He transports people around his local area using his car as a taxi. Munkhtsolomon started his business in 2000 after purchasing his car for 1,500,000 tugrugs (~1050 USD). Since then, he has stablized his business and built a reputation as a reliable driver. Today, his working capital exceeds 7,500,000 tugrugs (~5300 USD). Munkhtsolmon hopes to continue his success in the future. He is very energetic man and is very passionate about achieving his goals. He says, “I want to buy a bus to expand my business in the future.” Munkhtsolmon is requesting a 1,500,000 tugrug (~1050 USD) loan to purchase auto 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.