Gan-Ochir D. lives with his wife and 10-year-old son in Arhangai province, one of Mongolia's central provinces. His son is a student in a local high school.
Gan-Ochir has a small retail business selling wood. With the support of his wife, Gan-Ochir started his business in wood selling in 2007 with a small loan of 300,000 MNT (approximately $210). He usually buys raw wood from local lumberjacks and sells them at profit to local carpenters, who make various household items in wood.
Since the start, he has done well and his business capital has increased to 4,000,000 MNT. With his business profit, he was able to fix his truck that he uses for carrying wood. In the future, he would like to expand his business by adding more customers to his clientele. He requests a loan to purchase more wood for his business.
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.