Badam S. is 57 years old and lives with his wife and son in the Songinohairhan district of Ulaanbaatar, a capital city of Mongolia. He and his family all live together in their ger, a Mongolian nomadic housing tent. His son attends university and works part time while his wife operates a sewing business out of her home.
Badam owns his own car and is a taxi driver in the local community. He began his business in 2000 and has gained a lot of business experience over the years. After many years of owning this business, he was able to improve his car several times and his earnings have enabled him to buy a car for his son. By operating his business, he provides for his family and has been improving his family's standard of living.
Badam is a hardworking man and says, "All I want is to provide a higher education for my son and help him to live on his own." He is requesting a 1,000,000 Mongolian tugriks loan in order for him to repair 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.