Oyundorj, 39 years old, is married and lives with his wife and three children in a house, in a ger district, in Hentii province of Mongolia. His eldest son is now a college student and the younger children are high school pupils. He started to craft wooden furniture from 1994 and collected money to buy his first car until 2000. Then he became a taxi driver until 2003, when he started to run a car repair service.
He started this business with his own money and received a loan from XacBank in 1999. He used his loan properly and built a garage. His wife helps with the family business and manages the procurement of car spare parts. He is a hard working, diligent, and honest man who says "Although I didn't study engineering, I love to fix cars. I am planning to have a work station so that I can do my work indoors. I think this is the right time to take the opportunity. At the same time, my business is my sole income source and life guarantee."
He is requesting 2,000,000 MNT loan to purchase car engines, tires and other spare parts.
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.