Baatarsuren is a 46-year-old carpenter who lives with his wife and two college-student children in Uvurkhangai province in central Mongolia. He started a carpentry business in 1996 along with his wife. In their business, he does the carpentry work while she paints the products. They produce wooden parts of ger (nomadic housing tent) and its furniture. Since the business is his main source of income, his biggest priority is providing high quality products. They live in their own house that he inherited from his parents. His ultimate goal is to make sure their children receive a good education and become good people. Baatarsuren requests a loan of 600,000 Tugrugs to purchase more timber to make more durable and high quality products.
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.