Dagvadorj T., 60, is married and lives with his wife and a 6-year-old son in Ulaanbaatar, the capital of Mongolia. His son goes to kindergarden.
They live in an apartment that they bought recently by selling their old house with the land that they had owned.
He used to run a food store before he started operating a taxi service business using his own car in 2010. Now his taxi service business is the main source of their family income.
Dagvadorj is an honest and modest person who says, "I want to start a new business such as operating a food store in the future besides driving a taxi."
He is requesting a loan of 1,000,000 MNT to buy spare parts and provide maintenance for his car that he uses in his taxi service 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.