Zaannordov is 40 years old and lives with his wife and two sons in a ger (Mongolian yurt) in the Uvurhangai province of Mongolia. His wife is a janitor and his sons are school students. He started his taxi service in 1999 with his own car. In 2000, he was employed part-time as a driver. Now that his car is old, no one wants to sit in it and it breaks down very often so he wants to sell it and buy a newer car. He is a hardworking and diligent man who says, "I have to work in order to support my two kids. Now that my car is getting old, it is impossible to run the business." He is requesting a 2,000,000 MNT loan to purchase a new car for his 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.