Choijid B. is 51 years old and lives with his wife and two children in their own ger, a traditional housing tent, in Uvs province, Mongolia. Both his children are students, currently working and studying in Ulaanbaatar, the capital city of Mongolia. His wife operates a clothes making business in their home, by sewing a variety of traditional clothes according to customers' orders. Choijid has been operating a car repair center for the past 7 years and has since built a stable operation. His monthly revenue is around 150,000 MNT. He has purchased 8,000 bricks and is planning to build a garage that will be used as a workplace. Choijid is a modest man and says, "I hope to establish my own car repair center with my son when he returns home after completing his undergraduate degree next year." He is requesting an 800,000 MNT loan to build his own workplace.
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.