Purev is a 44-year-old man who lives with his wife and two children in the Tuv province of Mongolia. His wife is works at a kindergarten and his oldest child studies at college. Purev has been running taxi service business since 2009 and he supplies reliable service to his customers. He drives between the province and the capital city and has many regular customers in town.
Purev is requesting a 1,100,000 MNT loan to replace some car parts. He says, "I would like to expand the business activity by replacing the motor and other parts which have been broken." In the future, he plans to expand his business and improves his household.
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.