Manarbek K. is a 36-year-old single man who lives with his mother and two sisters, both of whom are university students in the Bayan-Ulgii province. He has been operating a raw material sales business since 2007. As a result of his successful business, he bought a car. Now, Manarbek is operating a taxi business so he can make a stable income, because his raw material sales business is a seasonal trade. In the future, he hopes to build a house. Manarbek is a simple and nice person. he is requesting 2,000,000 MNT to buy a new car to use for delivery of raw materials.
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.