Davaanyam H. is 24 years old and lives with his wife and seven year old child in the Hentiy province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His daughter, Nuutshanhusel, attends a local elementary school while his wife is currently unemployed. Davaanyam operates a taxi service. He started driving a taxi in 2004 and has found success. He usually makes 6 round trips a month between Hentiy and Ulaanbaatar with 5 passengers, and earns a revenue of 12,000 MNT from each passenger. His transportation expense is 20,000 MNT for each trip. He has used his earnings to stabilize his family's financial situation and also to operate his business sustainably. Davaanyam hopes to trade in his car for a larger vehicle that can increase his business profits. He is a helpful, honest and hardworking man. He needs funds to pay for his new truck as well as to winterize his house; therefore, he is requesting a 2,000,000 MNT loan.
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.