Kenjebai K. is 28 years old and lives with his wife and son in their own "ger," a traditional housing tent in the Bayan-Ulgiy province of western Mongolia. His son is four years old and attends a local kindergarten. Since January 2010, Kenjebai has been renting a car repair center, a venture he undertook based on his three years of experience repairing cars and machines.
Kenjebai is modest and hardworking, He is hopeful about the future and is looking to expand the scope of his work. He tells us that he has been planning to open his own car repair service center.
He is requesting a 1,200,000 MNT loan in order to purchase necessary tools and equipment for his new business.
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.