Ulambayar is a forty-nine-year-old man who lives with his wife and a daughter in Uvurhangai province in Central Mongolia. His wife is unemployed. His daughter studies at secondary school. He has been running a taxi service business for four years. Previously, he used to work for an army unit and as a gardener. He has many regular customers and his business is stable.
Ulambayar is a hardworking and gentle man who says that "I would like to expand the business activities by replacing the motorcycle with a van. By doing that, I will have more customers and profits".
The total amount he is requesting is 1,100,000 MNT to buy a 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.