Bulgantamir B. is a single father who lives with his four children whose ages range from 9 to 18. He currently resides in Arhangai province, one of Mongolia's central provinces. His oldest daughter is a college student and the other three children are all in high school. He drives a cab in the town. He has been doing the taxi business since 2003. His daily income has increased from 3,000 MNT ($1 USD = 1,450 MNT) to 8,000 MNT. He says that he is working very hard to be financially able to support all his children's education. Since all his four children go to school, the expenses for their education can be very high. Bulgantamir requests a loan to purchase new tires for his car.
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.