Chimedsuren is 46 years old and lives with his wife and five kids in a "ger" (Mongolian yurt) in Tuv province, Mongolia. His wife is a janitor in a local hospital. Their older three kids are school students and the younger two are kindergarten students.
Chimedsuren started his driving course business in 2009. He operates with one car. Even though he's fairly new to the business, he operates at full capacity. However, his car is very old and it is very hard to drive, therefore, he needs to renew his car. He already found a car to purchase and he got a pretty good deal on the old one. He's requesting 3,000,000 MNT to buy the new 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.