Jargalsaihan is 38 years old and lives with his wife in Mongolia's Arhangai province. His wife is a student. Since 2009, he has earned a living by using his car as a taxi. He also has a side business selling dairy products. He is applying for a loan for MNT 1,000,000 to buy more diary products to sell. After his wife finishes her studies and graduates, he will be able to expand his businesses because she will be able to help.
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.