Ganbold J. is 53 years old and lives with his wife in Ulaanbaatar, the capital city of Mongolia. The couple lives together in a ger, a traditional Mongolian nomadic tent. They have one daughter who lives on her own.
Ganbold works as a taxi driver after operating a small grocery shop. Also, he repairs people's automobiles to supplement his income. He is planning on trading his car in for a new car. Since opening his business, he has been able to improve his family's quality of life, and his earnings have enabled him to purchase a new plot of land where he has been building a new house and fence for his family.
Ganbold is requesting a 600,000 MNT loan in order to purchase necessary parts 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.