Altanhuyag is 31 years old and lives with his wife and three children in a rented house in Uvs province, Mongolia. His older daughter, age 8, attends a local secondary school while his second daughter, age 6, is in kindergarten. His wife is a chef. Altanhuyg is a guard and works at a private company with monthly salary of 400,000 MNT. He has been able to save some money for a car in order to start a taxi service business. Also he is planning to buy a plot of land where he can have a house for his family. He is a polite and kind man who says, "I dream to have a house some day." He is requesting a 2,000,000 MNT to have enough to buy a car that will be used in his taxi service 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.