Mandalbayar is 43 years old and lives with his wife in a ger, Mongolian yurt, in Hovd province of Mongolia. His two children attend a local secondary school while his wife works at a private company. He manages a taxi service business, which was started in 2009. Since then his business was quite successful which allowed him to improve his living conditions.
Mandalbayar is a polite man who is planning to expand his business. He is requesting a 3,000,000 MNT loan to purchase a car for his wife in order for her to start taxi service business too.
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.