Budragchaa B. is 56 years old and the father of three grown-up children. He currently lives with his wife and three children (ages ranging between 21 and 26) in the Chingeltei district of Ulaanbaatar, the capital city of Mongolia.
Budragchaa is a talented maker of picture-frames for drawings and portraits. He has been making various frames by hand since 1997. Most of his customers are artists who would like to put their work in exhibitions. They usually purchase frames from Budragchaa for their drawings and portraits.
Since he is quite well-known among local artists for his artistic and beautifully-done frames, Budragchaa is mostly busy with orders. His business capital now exceeds 500,000 MNT ($1 USD = 1,450 MNT). He requests a loan to purchase raw materials 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.