Uitumen C. requested a loan to purchase spare parts for his microbus. He lives in Ulaanbaatar, the capital city of Mongolia, with his wife and nine year-old son, a third grade student. His wife is a high school teacher. Uitumen started a small transportation business in 2006. He has been driving a small passenger microbus between two suburban areas: Denjiin Myanga and Uliastay. Thanks to the success of his business, he has hired a bus conductor at 10,000 MNT a day ($1=MNT 1,600). With his profit, he has been able to upgrade his microbus. He is quite an entrepreneurial man and was trained as a lawyer at a younger age. He hopes to one day build a house for his family on a small plot of land he owns.
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.