Azjargal is a 26-year-old man who lives with his wife and son in Hovd province in Western Mongolia. He started taxi service business 2 years ago with his small van. He has been improving the household little by little. Recently, he started milk retail and delivers the milk to the local kindergardens. The income is normal and enough for the family members. But his van has broken down due to the bad roads and needs to be repaired. He wants to continue the business activity in order to keep the food at home because the milk business does not provide a sufficient amount income for three of them.
Azjargal is an ambitious man who says that "I would like to expand the business activity by buying the necessary spare parts for my van. Once I could afford the spare parts, I can fix the van on my own. I really want to continue the taxi service business to improve the household". The total amount he is requesting is 1,000,000 MNT to buy spare parts for his van.
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.