Altanbagana is 42 years old and lives with his wife and two children in Uvs Province, Mongolia. He and his family live in a "ger", which is a traditional Mongolian nomadic housing tent. Both of his sons, aged 14 and 17, are in a local secondary school. Altanbagana operates a business making wooden products in his town. He designs and produces a variety of wooden furniture, focusing mainly on making doors. Altanbagana started his business in 2000. Using his experience, he has built a stable business over the years, and his many customers are very satisfied with the quality items he produces. As a young, business-minded entrepreneur, Altanbagana has developed good taste in making unique and stylish furniture that is in demand. He is focused on the future and has plans to open his own work place soon. He says, "I want to improve my business so I can build my own factory in the future." He is requesting a 1,800,000 tugrug loan to purchase wood, glue, lacquer and other necessary materials for his 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.