Yondon B. is 35 years old and lives with his mother and younger brother in Uvurkhangai province in central Mongolia. They live together in a ger, a traditional Mongolian nomadic tent. B. operates a gold and silver crafts business in his town. He has a great deal of skill as a craftsman. He both designs and produces a variety of jewelry and accessories. B. uses his car to collect orders directly from his customers and also delivers the finished product to them. B. started his business with the help of his oldest brother in 2000 after moving to his province's capital city. Since then, he has worked hard to grow his crafts business, and in 2005 he used his savings to begin renting a stall at the local market. He is always looking for ways to increase his sales, and hopes that one day he will have enough money to build his own house. In the near future, B. wants to create new original designs and begin crafting a wider variety of jewelry products. As the busy fall wedding season is underway in Mongolia, B. needs to purchase more raw materials to produce jewelry for the many brides. He is requesting a 3,500,000 tugrug loan to purchase more gold and silver.
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.