Nyamdorj is 50 years old and lives with his wife and daughter in a ger, a Mongolian yurt, in the Tuv province of Mongolia. His wife is unemployed, and his daughter is a student.
Nyamdorj started his taxi business in 2010 using his own car. Even though he's fairly new to this field, he has already found regular customers. However, his car is very old, and the engine is broken down. He's requesting 1,000,000 MNT to replace his car's engine. The fact that his business provides the only income has been hard on the family. He is a sharp and hardworking man who says, "I have to do everything I can to support my family."
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.