Mr. Lhagvasuren is a 50-year-old man who lives with his wife in a Ger, a traditional nomadic yurt, in Uvs Province, Mongolia. His wife, Ulambayar, stays home and takes care of him. His children are married and live apart.
Lhagvasuren has been providing transportation services in town since 1999. He has started providing a taxi service business in last few years. He has already built his regular client base and has pleased his clients with reliable services. He has been covering his car during winter with an insulated cover for years and is now requesting a loan of 2,000,000 MNT to purchase construction materials to build a garage. This will increase his car's lifetime. He is hardworking and modest 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.