Mr. Tormonh is 49 years old and lives with his wife and four children in Ger in the Uvs province of Mongolia. His wife, Altanhuyag, drives a taxi and serves local clients. His older two children are university students and the younger two children attend local secondary school. Tormonh has been working at a local manufacturing company part-time for years. They cover their children's tuition and family expenses from their business and salary income. His wife's car needed some replacement parts and maintenance to continue working. Mr. Tormonh is now requesting a loan of 3,000,000 MNT to purchase spare parts and pay for the repair of his wife's car. He is a hardworking and diligent man.
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.