Tsend-Ayush B. is 44 years old and lives with her husband and 3 year old daughter in Bayanhoshuu of Ulaanbaatar, the capital city of Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her daughter, aged 3, is not yet of school age and stays at home. Tsend-Ayush and her husband operate a taxi service. She started driving a taxi in 2003 using her own Excel car. After several successful years, she used her earnings to buy a new car after selling her outdated one. With the business profits, they were able to build a new house in their yard. In the future, they plan to build a garage for their car. Tsend-Ayush is a very clever woman and says, "I want to decorate our house". She is requesting a 700,000 MNT loan to purchase spare parts and to build a garage for her 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.