Gantulga M. is 42 years old, lives with his daughter, son and mother in a traditional housing tent called a ger. His health condition is good. After graduation from the driving course, his son will help him to run a taxi. Gantulga has been working as a taxi driver since 2005 with his own car. His daily revenue is approximately 30-40 thousand tugrugs. Half of the revenue is used to fill the car with petrol. Last year, the plot of land on where they live suffered from flood and he repaired the basement of his house with the loan he had received. He is now expanding his house. Gantulga is a hardworking and modest person. He says, “What I want most is to complete our house building.” He is requesting a 1,200,000 MNT loan for house expansion and purchasing some construction materials such as an iron roof, sand, gravel, door, window and timber.
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.