Battsengel is a thirty-seven-year-old man who lives with his wife and two children in a 'ger' in Ulaanbaatar city, Mongolia. His wife is employed and the children go to Kindergarden. He has been running a taxi service business since 2008 with his own van. The business has been successful because there is a big demand for taxi services in the city.
However, in order to continue the business successfully, the van's motor needs to be replaced. He is planning to replace to motor with some support. Battsengel is a responsible man who says that "I would like to continue the business so I can feed my family and improve their livelihood. I have a further plan to replace my van with a bigger van with more seats". The total amount he is requesting is 600,000 MNT to replace the motor of 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.