Otgonbaatar is a 40-year-old man who lives with his wife and a daughter in Central province in Mongolia. His wife is a salesman at a gas station. The daughter studies at the local secondary school. He has been running a taxi service business since 2005. He is an experienced driver who knows the direction and the distances well on Mongolian roads. He has been improving the household little by little by having the business.
Now he plans to expand the business by repairing the car's motor, which has been broken due to the bad roads in the countryside. Otgonbaatar is a bright man who says, "I would like to expand the business by replacing the car motor. I wish to improve my household and live happily with my family." The total amount he is requesting to replace the motor is 2,300,000 MNT.
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.