Garmaarinchen, 60, is married and lives with his wife in Uvurhangai province in Mongolia. His wife is retired and they live apart from their son, who is grown. In 2004, Garmaarinchen started a business trading animal hides. More recently, he bought a car and opened a taxi business. He is a hardworking and modest person, and is applying for this loan for 1,000,000 MNT to buy spare parts for the car that he uses as his taxi.
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.