Byambasuren is 39 years old and lives with his wife and three children in the Arhangai province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His two older children attend a local secondary school while the youngest stays at home with her mother.
Byambasuren owns a taxi business where he transports people back and forth from Arhangai to Ulaanbaatar, the capital city of Mongolia, a trip which takes two days round trip. He started his business in 2000 and, after nine years, he has expanded his customer base and earned a good reputation among the local people.
Byambasuren is requesting a 3,500,000 tugrug loan in order to make repairs on his taxi in order for him to keep it running well on his long trips.
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.