Surenhorloo is 32 years old and lives with his wife and three children in Bayanhongor province, Mongolia. His wife is a hairdresser for a private company. He lives in a ger, a traditional Mongolian nomadic tent, and operates a taxi service in his town. He began his business in 2007 after working and living in Korea for two years. Since then, his working capital has grown and he plans to open a hair salon for his wife. Within a short period of operating his business, he has gained a good professional reputation among the people of his town as a safe, reliable driver. Surenhorloo would eventually like to buy a larger, more comfortable car so that he can transport more people across longer distances, which would increase his profits. He is requesting a 1,500,000-tugrug loan to purchase replacement parts for his taxi so that he can keep getting his customers where they need to go and furniture for his home.
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.