Avargasaihan is a 46-year-old man who lives with his wife and a son in the capital city of Mongolia. His son is employed. His wife is a retiree. He has been running a taxi service business since 2001. During these years, he has raised the family income significantly.
He has been driving his van for 11 years. He is an experienced driver who has a further plan to expand the business, but now his van needs to be repaired. Avargasaihan is an honest and hardworking man who says, "I would like to expand the business activity by having my car repaired so that I could continue my business successfully." The total amount he is requesting is 1,550,000 MNT to buy spare parts for his 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.