Amanjol is 29 years old and lives with his wife and daughter in a house in Bayan-Ulgii province, Mongolia. His wife is a photographer with a monthly salary of 100,000 MNT. Amanjol is planning to open his own tire repair business in his town. He used to operate a meat-trading business with his older sister for 3 years. Since 2007, he began working at his older brother's auto repair shop for a monthly salary of 150,000 MNT. At his brother's shop, he learns to fix car parts and has particularly specialized in tire repair. Now Amanjol is building a small workshop where he can start his own business of tire repair. He is an honest man who is planning to open his own auto repair business someday. He is requesting a 2,500,000 MNT loan to purchase construction materials from China for his workshop.
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.