Enkhtuvshin is 26 years old and lives with his wife and four-year-old son in Arkhangai province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent home. Enkhtuvshin owns a woodworking business in town and his wife helps him run the business. He usually makes wooden furniture for gers. He began his business in 2006 with working capital of 200,000 tugrug (~140 USD) and has since grown the working capital to 1,000,000 tugrug (~700 USD). Enkhtuvshin’s products are known through town for their high quality and durability. He is requesting a 900,000 tugrug (~630 USD) loan to purchase more wood in order to make more products and increase his sales.
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.