Luvsantseren C. is 33 years old and lives with his wife and two daughters in Ulaanbaatar, the capital city of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent, in one of the ger districts on the outskirts of the large city.
Both of his two children are in kindergarten. Luvsantseren operates a micro bus transportation service with help of his wife and takes passengers from one side of Ulaanbaatar to the other. He began his business in 2008 after working as a conductor in the mini bus for several years. Starting this year, they started to transport people between local towns and the city. For the future, Luvsantseren says, " I want to buy a new car so that I can reduce my operating cost." He is requesting a 3,000,000 MNT loan in order to pay for half the cost of the 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.