Hadbaatar is 34 years old and lives with his wife and three children in a two-room apartment in Govisumber province of Mongolia. His two children attend the local high school. His wife helps to manage all the family's finances; she also works. Hadbaatar operates a car repair center. In 2000, he started to repair cars. He also runs the car call-repair services. He expanded his repair shop into a shop that performs both tire and car repair services. He is planning to open a shop that sells spare parts. He received several loans from XacBank. He is a diligent man who says "I want to have a shop in the town center where there are many clients and hopefully increase profits." He is requesting a 3,000,000 MNT loan to expand his business and open a car tire shop.
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.