Puntsagdash is fifty-one years old and lives with his wife and son in a ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife is sick and stays at home, and his son is a college student.
He started his taxi service business in 2010 with his own car. He has many regular customers. He is well known for his excellent service. His car broke down and he is not able to run his business. He needs 400,000 MNT to buy spare parts and to service the car. He is a sharp and hardworking man who says "Since, I am the only one with the income in my family, it has been terrible since my car broke down".
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.