Bazarbek is a 43-year-old man who lives with his wife and 3 children in Hovd province in Western Mongolia. His 2 older children study at the college and the youngest child goes to the secondary school. His wife is unemployed.
Bazarbek has been running taxi service business since 2011 with his small van. In addition, he does all types of weldings. Bazarbek is planning to develop the welding business because he can do it inside his fenced property. Bazarbek is a talented welder who says that "I would like to develop the business activity by buying a new machinery of cold weld and torch. I am trying to be the best on the welding business." The total amount he is requesting is 1,500,000 MNT to purchase a welding machinery.
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.