Boldbaatar is a 52-year-old man who lives with his wife and two children in a suburban area of Ulaanbaatar City, Mongolia. His wife is unemployed, and his youngest child studies at the secondary school. He has been running a taxi service since 2010. His business activity is now stable, and he has gained many regular customers.
Boldbaatar's van needs repairs because it has been damaged by bad roads. He is a diligent man who says, "I would like to continue my business activities by having my van repaired." The total amount he is requesting is 2,000,000 MNT to repair and paint his van.
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.