Suhbold E. is 25 years old and a married man. He lives with his wife in Hentiy province, Mongolia. He and his wife live in a 'ger', a traditional Mongolian nomadic tent in their sibling's yard. His wife operates a vegetable trading business while he drives a taxi within his town.
Suhbold has been operating his taxi service since 2008 and has built up a successful and stable business operation. His daily business revenue is between 18,000 and 35,000 MNT and his daily operating cost such as fuel for his car is 8,000 MNT. His wife sells a variety of vegetables that she grows in their own field, at an outdoor stall at the local market during the harvest season. Her daily sales revenue is between 15,000 and 30,000 MNT. This year, they harvested 600kg of potatoes, 500kg cabbages, 300kg of carrots and 50kg of beets. The continued growth of both businesses, transportation and vegetable trading, enabled them to decorate their house and helped them to improve their quality of life.
Suhbold works hard and is a modest and open-minded person. He says, "I hope to operate the business well so that it is stable. My dream is to purchase a new car for myself, therefore from now on, I am starting to save money in order to achieve my dream." He is requesting an 800,000 MNT loan to purchase engine, tires, and shock absorbers for his car.
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.