Mr. Boldbaatar is 37 years old and lives with his wife, son and daughter in his own house in the Sainshand township of Dornogovi Province, Mongolia. His wife, Batbayar, is 39 years old and works at a weather forecasting and analysis center as an operator. His son, Chinbayar, age 20, is a university student, and his daughter, Chintsetseg, age 17, is a secondary school student. He has been driving a minivan, providing public transportation, for about ten years. He provides transportation services to foreign travelers during the summer, as well as public transportation service for local customers. He needs to repair his minivan to run his transportation service business smoothly, because lately his car has broken down several times, leading to temporary suspensions of his business. He is now requesting a loan of 2,000,000 MNT to repair his car, so that he can provide transportation services smoothly and without any problems. He is an honest, responsible and hard-working person.
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.