Batbayar is 26 years old and lives with his wife and two children in Uvs Province, Mongolia. His wife, Nyamtsetseg, works at a local public school as a janitor, his older son has just enrolled local primary school and his younger daughter is two years old and stays home with her grandmother during the day.
Batbayar started his taxi service business in town in 2008, with his second-hand Korean car. He also works part-time at construction sites during the summers along with running his taxi service business. He is a hardworking, family-oriented man who has pleased his clients with his safe and reliable service. He is now in need of a loan in the amount of 1,000,000 MNT to purchase spare parts for his car to ensure his taxi service business runs smoothly with no sudden stops.
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.