Ganbat M. is 37 years old and lives with his wife and two children in the Suhbaatar province of Mongolia. He and his family all live together in their ger (Mongolian nomadic housing tent). His two children both attend secondary school and his wife works as a doctor in the local hospital. Ganbat owns his own car and is a taxi driver in his town. He began his business in 2000 by operating a transportation business using his tricycle and has since upgraded his vehicle to a car. After years of experience he has gained a lot of business experience. He would like to trade his current car for a bigger automobile. Ganbat is a very helpful and hardworking man. He is requesting a 600,000 MNT loan in order to purchase a new engine 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.