Amgalan is 49 years old and lives with his wife and only son in a house in the Sansar area of Ulaanbaatar, the capital city of Mongolia. His wife is a teacher and his son helps with his business.
He operates a taxi service in his town. He started his business in 2010. Previously, he managed a transportation service between Ulaanbaatar city and other areas of Mongolia. At that time he used to travel on bumpy roads with long hours, so it was quite a difficult job for him. Therefore, he decided to start the taxi service business, and he is planning to continue his business in the future.
He is a friendly man who says, "I want to buy a car for my son in order to make him conduct his own business."
He is requesting a 3,000,000 MNT loan to purchase spare auto parts for his 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.