Zereg is 23 years old and lives with his wife and two children in their own house in Hovd province, Mongolia. His wife is unemployed an takes care of their children. He manages a public transportation service business between two provinces. He started his business in 2008 with the help of his older brother. Since then his business has been quite successful and allowed him to conduct his business independently.
Besides his transportation business he manages a vegetable planting business in order to contribute to his family earnings. He is planning to buy a car for his wife which can be used in a taxi service business. He is a polite man who attributes his business success to his good accounting skills. He says, "I want to have an apartment in the future." He is requesting a 1,500,000 MNT of loan to purchase a 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.