Batmunh, 47, lives with his wife and three children in Selenge province in Northern Mongolia. His wife is unemployed. The children go to the secondary school and kindergarten. He started an auto service business in 2003. He has experience in the field so he has many regular customers and the business activities are stable. Batmunh is responsible for what he is doing and he says, "I would like to expand the business activities by purchasing the necessary spare parts for the auto service business." He is requesting 1,000,000 MNT to buy spare parts.
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.