Tumennast is 30 years old and lives with his wife and two children in Ger (Mongolian Yurt) in Suhbaatar province, Mongolia. His wife helps with his business, and his children are school and kindergarten students. He started his public transportation business in 2005 with his own vehicle. Over the years he has gained many regular customers, and his business is highly in-demand. However, his vehicle broke down, and it needs serious maintenance to run properly. He is a sharp and hard-working man who says, "Since my business is the only source of income for my family, I can't afford to lose my business like this." He is requesting 2,000,000 MNT to repair his vehicle.
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.