Enhbayar is 39 years old and lives with his wife and four children in a ger (Mongolian yurt) in Ulaanbaatar City, Mongolia. His wife is unemployed and takes care of their elder disabled son and another two children are in school and kindergarden.
He started his tire repairing business in 2009. His service location is fairly good and his service is automated. Therefore, its fairly fast. In order to expand his business, he needs a tow car to pick up his customers. He is a sharp and hardworking man who says,"Currently, my income is not enough to support my family. If I could purchase a tow car, I could finally be able to support my family." He is requesting 3,440,000 MNT to purchase a new tow car.
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.