Naranbaatar is 31 years old and lives with his two children and wife in a house in the Hentii province of Mongolia. One daughter goes to school and the other one goes to kindergarten. His wife is unemployed.
He started his business in 2009 by driving a taxi in the local town. He used to drive an old car. With his business profits, he purchased a Japanese car. He mainly goes for a taxi call service which brings him a quite sufficient amount of income. His income is the main financial source for this family.
He is a diligent and open-minded man who says "I have many friends from my work. I feel good when people say 'Thank You' while getting out of the taxi." He is requesting a 1,000,000 Tugrik (MNT) loan to purchase spare 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.