Halhaman M. is 26 years old and lives with his wife and one-year-old child in Bayan-Ulgii province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His wife works for the vocational training center in her town. He owns a taxi service transporting people back and forth from Bayan-Ulgii to Ulaanbaatar, the capital city of Mongolia. He started this business in 2009 and has built a stable operation. He has found success with his new business within a very short period and his earnings have enabled him to buy his own car. His current car is outdated therefore he needs to improve his car with a newer car. Halhaman is a very modest and decent man and says, "My goals are to increase my working capital for my business and have my own capital." He is requesting a 3,600,000 MNT loan in order to buy a new 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.