Bayaraa P. is a married, 35-year-old women who lives with her husband their two-year-old son in the Hovd province of Mongolia. He and her family live together in a ger, which is a traditional Mongolian nomadic tent. Her son is in kindergarten, while her husband works in the dental hospital.
To earn a living and to support her family, Bayaraa operates a taxi service in her town by using her own car. She began her taxi business in 2008 and has gained a great deal of experience as a driver since then. Bayaraa is a modest and outgoing women who says that "If my car is in good condition, then I can continue to operate my taxi service for a living." She is now requesting a loan in the amount of 500,000 MNT ($425) in order to make repairs to her 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.