Aibolat is 28 years old and lives with his wife and three children in a house in the Bayan-Ulgii province of western Mongolia. His two oldest children go to kindergarten while the youngest one stays at home with her mother. Aibolat operates a taxi service between the countryside and the capital of the province. He started his business in 2004 with a small car. After several successful years in business, Aibolat was able to afford to buy a larger, more reliable automobile. He was also able to build a home for his family with his taxi earnings in 2008. Aibolat began to supplement his taxi service earnings by transporting raw materials such as sheepskins, goat skins and wool from the countryside to the province center. Aibolat works very hard to provide for his family and to pay for his youngest daughter's medical expenses. He says, “My only wish is to support my children’s education and have them become good people”. Aibolat is requesting a 1,000,000 tugrug (~700 USD) loan to purchase parts for his automobile and some construction materials for his new home.
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.