Ganbold is a 51-year-old man who lives with his wife and 3 children in Dornogovi province in Southern Mongolia. He has been running an auto repair business for 7 years with his wife and children. When they moved to the center of the province, he started the business activity offering a few services inside his fence. Now the types of service have been extended and he has made many regular customers, not only in the area but from the neighboring provinces. He has just bought two broken-down cars at a lower price and is planning to buy some necessary spare parts to repair them.
Ganbold is a talented man in his field and says, "I would like to repair these two cars by buying motors and some spare parts. I plan to sell them after repairing them." The total amount he is requesting is 1,000,000 MNT to buy the motors and some spare parts for the cars.
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.