Suhbaatar is 31 years old and lives with his wife and four children in the Bayan-Ulgii province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent and his four children all attend a local school. Suhbaatar operates a motorcycle repair service in his town. He started this business based on his previous experience of operating a taxi service using his own motorcycle. After years of operation, Suhbaatar has built a stable operation with many permanent customers. In addition, he drives a taxi to supplement his earnings. Suhbaatar’s average monthly income is 200,000 MNT and his monthly net profit exceeds 150,000 MNT.
Suhbaatar is requesting a 400,000 MNT loan to purchase necessary tools, supplies, and repair materials for his shop. In the future, he hopes to expand his business and adds “all I want is to provide higher education for all my four children.”
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.