Boris is 69 years old and lives with his wife in Ulaanbaatar, the capital of Mongolia. They live in a house on a small plot of land that they own. His wife is retired and stays at home.
Boris began teaching his driver education course in 2006. He rents the classroom where he teaches the course. He prepares 15 to 20 people a month to get their driving licenses by attending his class, and charges a fee of 220,000 MNT per person. He supports his family with his income. He is a hardworking and neat person who says: "I would like to expand my course and train more people." He is requesting a loan of 2,500,000 MNT to buy spare parts for the cars that he uses for his course.
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.