Batnasan P. is 24 years old and lives with his wife and daughter in Hovd province, western Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent in someone else's yard.
Batnasan operates a transportation service between local sub-provinces using his own Russian jeep. He began his business in 2008 and has gained a lot of experience since then. He plans to purchase a car in order to start a taxi service within his town using his savings plus the loan which he has applied for from the bank. If he can afford to buy a car, then his wife will be responsible for driving it as a taxi while he maintains his transportation service.
Batnasan is a modest and hardworking man and says, "I am planning to save more money to buy an apartment for my family in the future." He is requesting a 2,500,000 MNT loan to purchase a car which will be used as a taxi.
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.