Bilegtbaatar, 25, is married and lives with his wife and two-year-old child in Hentiy province in Mongolia. His wife works at a telephone company where she is paid 300,000 MNT monthly. Their child attends kindergarten.
Bilegtbaatar began a taxi service business in 2008 with his old car in the province center where he lives. Then in 2010, he bought another car, which he currently uses to operate his taxi service. Now, he has regular customers and his business has become more stable. His daily net income is 15,000 to 20,000 MNT, from which he spends 8000 MNT for gas.
Bilegtbaatar is a hardworking, honest, and polite person who says, "My car is getting outdated and always breaks down. I spend money for spare parts and maintenance fees. I am trying to save more money to buy a new car so that I can save money."
Bilegtbaatar is requesting a loan of 3,000,000 MNT to add to the money he has saved up to buy a new car.
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.