Tumur S. is 47 years old and lives with his wife and four children in the Hovd province in the western part of Mongolia. The family lives together in a ger, a traditional Mongolian nomadic tent.
He graduated from a technical college 30 years ago as a repairman and, seeing an increase in the car-repairing business, he planned to run one in his town with the help of his sons.
Tumur is requesting a 3,000,000 Mongolian tugriks loan in order to purchase tools and equipment for his car-repairing 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.