Erdenetsogt is a 55-year-old man who lives with his wife and son in Selenge province, Northern Mongolia. His wife is unemployed, and his son is a student.
Erdenetsogt has been running a taxi service since 2000. He owns a small van, and his business activities have become stable. He has gained many regular customers. However, due to the unpaved roads in the countryside, his van's motor has broken down and needs to be repaired.
Erdenetsogt is an active man who says that he would like to expand his business activities by having his motor repaired. The total amount he is requesting is 600,000 MNT.
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.