Erdenetsogt is 33 years old and lives with his wife and three kids in a ger (Mongolian yurt) in eastern Mongolia. His wife works in a factory, his two eldest kids are school students, and the youngest one is a kindergarden student.
Erdenetsogt operates taxi business. He started his taxi business in 2009 with his own motorcycle. He is a well-experienced driver. With his profits, he then bought a car for his taxi business. His business income is enough to support his family. However, now that his car is old, nobody wants to sit in it.
He is requesting 3,800,000 MNT to buy new car. He is a hardworking and diligent man who says, "My income is decreasing rapidly. I have to act aggressively in order to make this right."
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.