Tserenbaljir O. is a 30 year old businessman who lives with his wife and two children in the Chingeltei district of Ulaanbaatar, the capital city of Mongolia. Four years ago, he got married and built own house inside his yard. His wife used to work at sausage making workshop and now is at home, taking care of their 2 month old daughter. Tserenbaljir graduated from an art university and used to work as a music teacher at secondary school #20. Since 2006, he has run a taxi-driving business. As result of his hard work, he owns two cars. He drives one of the cars himself, while he leases the second for 150,000 (approx. $ 104 USD) tugrugs per month. He earns between 15,000-20,000 ( approx. $10-14 USD) tugrugs per day from his taxi business. Tserenbaljir plays the morin khuur, a mongolian traditional two- stringed musical instrument, and he plans to work as a musician some day in the future. Tserenbaljir is requesting a 1,500,000 tugrug (approx. $690 USD) loan to purchase tires for his vehicles and to renovate his house.
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.