D. Naranbaatar is 26 years old and lives with his parents in Uvurkhangai province in central Mongolia. He currently operates a wooden products and furniture production business in his town. He produces materials and wooden furniture used in gers, traditional Mongolian nomadic tent homes. He designs and produces the furniture himself and has one assistant that helps him. He owns a shipping container at the local market where his mother works to sell his products. Naranbaatar started his ger material and furniture production business in 2004 with the support of his father. His father, an experienced craftsman, taught him all the techniques and skills needed to make wooden products. However, after suffering a stroke, his father had to give up the trade and currently doesn't work. When he started, they produced furniture based on customer orders, but now take orders and produce furniture for sale at the shipping container. For the future, Naranbaatar hopes to continue to grow and expand his business. He says, "With the growth of my business, I hope to take care of my parents as long as I can.”. He is requesting a 3,000,000 tugrug (~2100 USD) loan to purchase wood and supplies for his ger and wooden furniture 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.