Margalaa is 32 years old and lives with his wife and two children, aged 1 and 4, in Hovd province, Mongolia. They live in a ger, a traditional Mongolian nomadic housing tent. His wife is a salesperson at Talst Optic, a private company. Margalaa operates a taxi service in his town. He started his business in 2004. He is a reliable and safe driver who is renowned amongst his customers. He is planning to continue his business in the future. He says, "All I want is to build a house where my family can live happily." He is requesting a 2,000,000 MNT loan 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.