Urtnasan lives with his wife and child in Central Mongolia. His wife helps with the business and his daughter is a high school student. Urtnasan started running an auto service in 2000. Since this type of service is really necessary in rural areas, the business is going really well. He is an experienced businessman and has a further plan to fix the cars by buying spare parts. Urtnasan is a talented guy who says that, "I want to extend the service by purchasing the spare parts of the cars." The total amount Urtnasan is requesting is 1,800,000 MNT for the spare parts.
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.