Otgonbayar is 31 years old and lives with his wife and son in a ger in Uvs province, Mongolia. His wife is currently unemployed. His family wants to improve their living conditions and increase their income.
Otgonbayar works at a construction site during the summer. He is going to start a new business that he can do at other times of the year. He is requesting a 1,500,000 MNT loan to purchase a car for his new taxi service. He has the full capacity and potential to run this business during the winter, fall and spring. He is a diligent and hardworking man who says, "I want to do this business very much."
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.