Buren A. is 34 years old and lives with his sibling in a ger, a traditional Mongolian nomadic home tent, in Ulaanbaatar, a capital city of Mongolia. Buren is a driver and works in the city as a taxi mechanic. Besides his work, he has been operating a cosmetics trading business at a rented stall at the local trading center since 2009. His sibling helps with his business by working as a salesperson.
Buren is a modest man and is requesting a 2,280,000 Mongolian tugriks loan in order to purchase spare parts for his car and also to increase his working capital.
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.