Iderbat, 31, is married and lives with his wife and two children in Ulaanbaatar, the capital of Mongolia. They live in their own house on a small plot of land that they own. His wife works as a teacher and his elder son attends a local school. They have an average standard of living.
Iderbat worked as a manual laborer in Korea for a few years. When he came back to Mongolia, he started driving a taxi. He supports his family with the money he earns. He plans to start selling cell phones in the near future in addition to his taxi service. He is a hardworking and modest person who says, "I want to begin selling cellphones in order to increase my income". He is requesting a loan of 2,200,000 MNT to buy cellphones from Erlian for his new 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.