Erdeneochir is 22 years old and lives with his wife in ger, a Mongolian nomadic tent, in Hovd province of Mongolia. His wife rents a well and runs it. He started his taxi service business in 2007 with his own car. Now that winter is approaching, he needs to finish building the house and service his car for a harsh winter. He is a young and hard working man who says, "My daughter has born recently. I don't want my daughter turn out to be like me, in order to make that possible, I will work hard and get her well educated".
He is requesting 3,500,000 MNT to buy spare parts for his car and to finish building his house.
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.