H. Urtnasan lives with his wife and three children in a house in the Bayanzurkh district of Ulaanbaatar, the capital city of Mongolia. His youngest son and daughter attend secondary school and his oldest daughter is 19 years old.
Urtnasan operates a transportation service as well as a business in the city making wood products. He transports goods and supplies for people throughout the city and in his free time makes a variety of wooden furniture which he sells.
Urtnasan is a very hardworking person and is known for his good personality. He has worked hard over the years to grow his businesses and stabilize his income. He has used his earnings to support his family and improve their quality of life. He says, "I want my children to be educated so they will become good and happy people."
Urtnasan is requesting a 1,500,000 tugrug loan to finish the workshop he has been building for his wood-products business.
XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.
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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.