Undrahbayar D. is 38 years old and lives with his wife and two children in an apartment in Tuv province of Mongolia. Both his two children attend a local school while his wife studies in the evening class in Ulaanbaatar, the capital city of Mongolia. He has been operating a public transport service between Tuv province and Ulaanbaatar since 1998. After many years of owing this business, he has built a stable operation and has gained not only much experience but also a positive reputation among his customers. With his business profits, he was able to buy an apartment in 2006, where the family now lives. For the future, Undrahbayar plans to buy a larger bigger bus with 40 seats. He is requesting a 3,000,000 MNT loan for his business.
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.