Amarzaya Z. is 32 years old and lives with his wife and three children in Hovd province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. Byamba’s wife stays home while the older two daughters attend a local secondary school. He used to work as a herder in the countryside with 180 livestock.
At first, he started his business in 2006 by operating a raw materials trading business. Since 2008, Amarzaya has been operating a car repair business in his town. Now, he plans to run a taxi service using his car. In the future, he hopes to buy his own house and therefore he plans to start saving money from now on. Amarzaya is requesting a 2,000,000 MNT loan in order to pay for half of the car's purchase price.
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.