Alibek S. is a 27-year-old and lives with his wife and two daughters in Bayan-Ulgiy province, Mongolia. He and his family live in a 'ger', a traditional Mongolian nomadic tent. His wife stopped working due to bad health and stays at home watching their two young daughters.
Alibek currently operates a taxi service in his town. He started driving a taxi in 2006 and has since gained much experience as a driver. His daily revenue from taxi service is between 8,000 and 12,000 MNT and 50 percent of this is considered net profit. He has used all his earnings to stabilize his family's financial situation and improve their quality of life. His business is the only source of his family's income and it is still insufficient for household consumption.
For the future, he hopes to continue his business' stable operation and save money in order to buy a new car. Alibek is a modest and hardworking man and is requesting a 500,000 MNT loan to purchase auto parts for his car as well as to buy 2 tons of coal and meat for the winter.
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.