Aimshigguibaatar S. is a 41 year old single father. He lives with his two year old son, Bulganhangai, in Arkhangai province in Central Mongolia. He has lived at the same home for the past 17 years. His son currently attends a local kindergarten.
Aimshigguibaatar operates a small iron production business in his town where he makes iron products such as water tank trailers and stoves. He manages the business and produces all of the products himself. Aimshigguibaatar started his iron production business in 2007 with 80,000 tugrugs in capital. Thanks to his hardworking and open-minded attitude, he has developed a successful business and has used the profits to provide a better life for his family. Today, his business capital exceeds 700,000 tugrugs. He is requesting a 1,500,000 tugrug (~1,035 USD) loan to purchase welding machine parts for his iron production business.
Aimshigguibaatar hopes to continue to grow his business so that he can further provide a quality life and opportunities for his son. He says, “I dream that my son will become an educated and intelligent person.”
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.