Togtohbayar is a 37-year-old man who lives with his wife and 2 daughters in the Sansar district of Ulaanbaatar. His wife works as a teacher at the secondary school. His children are students in secondary school and kindergarden.
Togtohbayar has been running a transportation service since 2004. He serves as a driver for tourists. He is a professional and experienced driver who knows the roads well. He has a minibus named "Delica" that has 7 seats. But due to the bad unpaved roads in the countryside, the vehicle has broken down, and it needs to be repaired. Togtohbayar is a talented driver who says, "I would like to continue my business successfully by having my vehicle repaired." The total amount he is requesting is 1,500,000 MNT to pay for vehicle repairs.
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.