Ragchaa is 30 years old and lives with his wife and two children in a ger (a Mongolian yurt) in Arhangai Province, Mongolia. His wife babysits her two infants. He started his transportation business in 2003 by transporting tourists for a daily fee. He is well experienced and has so many regular customers that he has no day off. He has bought his own yard and upgraded his car with the profit.
Now that winter is approaching, he needs to service his car in order to survive in the harsh Mongolian winter. He is a hardworking and diligent man who says "I will do everything I can to get my boys educated, I don't want them to live like me." He is requesting a 3,000,000 MNT loan to repair the 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.