Idermunh is 29 years old and lives with his parents and two younger siblings in Tuv province, Mongolia. He and his family live together in a ger, the Mongolian nomadic tent. His father works at a government tax office, and his mother works as a accountant for an electric power center. They have been living in their current home for 19 years. They repaired their car this year with money from these jobs.
Idermunh has been operating a taxi service since 2008. After running his business for almost three years, he has a number of consistent customers. Idermunh's customers usually call him by phone when they need his services, an arrangement convenient for the customers. His average daily revenue is approximately 15,000 tugrugs (~ 10 USD). Previously, he had a Korean “Excel” car, but he was able to acquire the higher quality Toyota Chaser for his taxi service.
Furthermore, since 2008 Idermunh has been growing potatoes in Jargalan soum of Tov province as well. He is a decent and very hardworking person. He says, “I would like to work hard in order to expand the business and to purchase my own place to live separately from the family. ” He is requesting a 3,600,000 tugrug loan to purchase large amount of seed potato to plant in the upcoming spring.
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.