Shinebayar is twenty-four years old and lives with his wife in a ger (Mongolian yurt) in Ulaanbaatar city, Mongolia. His wife is on maternity leave. He started his pizza delivery business in 2008. His income is stable. He drives a rented car and therefore, his income is not much.
He is planning to buy a car, the one he is driving, for 3,500,000 MNT. If he can buy a car, it'll increase his income drastically. He is a sharp young man who says "Now that I'm the only one with the income and I have a baby coming, I need to increase my income in order to support my child".
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.