Bayarmagnai is 31 years old and lives with his wife in Bayanhongor province, Mongolia. They have a two year old daughter and live together in a traditional Mongolian housing tent called a ger.
Bayarmagnai started a transportation business in his local area in 2008 after working as an excavator driver for a gold mining company the previous two years. Today, he transports people throughout his town and the surrounding local area. He previously operated between his province and the surrounding cities. However, a bus service was installed, which cut into his profits. This caused him to make the change to becoming a local driver. Bayrmagnai is a well experienced driver and has good communication skills. His business is very important to him because it is the only source of income for his family. Bayrmagnai is focused on the future and says, "I would like to stabilize my business and will work hard to pay back my loan in full." He is requesting a 1,500,000 tugrug (~ 1,100 USD) loan to contribute money to the purchase of a car to use as a taxi.
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.