Tovuudorj is 35 years old and lives with his wife and three kids in a ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife is unemployed and all three children are students. Tovuudorj runs a car service shop. He majored in vehicle engineering, so he has a very strong background in servicing cars. Even though he's fairly new to the business, Tovuudorj's business is improving rapidly. He's a sharp and hardworking man who says, "Ever since I graduated from college, I always dreamed of opening a service shop but I never had a chance. Now that I have, I will work as hard as I can." He is requesting a loan of 1,500,000 MNT to purchase tools and necessary equipment.
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.