Madethan H. is 60 years old and lives with his wife in Bayan-Ulgiy province, Mongolia. He and his wife live in a 'ger', a traditional Mongolian nomadic tent. His wife is retired after working for an organization while Madethan currently operates a taxi service in his town. He started driving a taxi in 1999 and has since found success.
Over the many years of running this business, he has gained not only a lot of experience but many permanent and loyal customers. His daily revenue from taxi service is between 10,000 and 15,000 MNT and 50 percent of this is considered net profit. In addition, he purchases and transports a car from Ulaanbaatar, the capital city of Mongolia, to sell it at the local market to supplement his earnings.
He has used his earnings to stabilize his family's financial situation and improve their quality of life. For the future, he hopes to continue his business' stable operation and save money. He is requesting a 1,300,000 MNT loan to purchase auto parts for his car as well as to buy three tons of coal and grass at 500,000 MNT as preparation 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.