Damdinsuren is 47 years old and lives with his wife and three children in a ger in Tosontsengel south of Zavkhan province. His wife is a street food vendor, his older daughter is a college student, and his younger children are secondary school students. Damdinsuren started his mini-truck transportation service business in 2010 and his monthly profit ranges from 150,000 to 250,000 MNT. His business is seasonal and he is therefore planning taxi service to provide year-round income.
Damdinsuren is requesting 2,300,000 MNT loan to buy a car for his taxi service. He is a humble and hardworking man. Damdinsuren says, ''my older daughter is college student so I have to prepare for my daughter tuition.''
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.