Orsoo is 65 years old and lives with his wife and 27-year-old son in Huvsgul province, Mongolia. He lives with his family in a traditional Mongolian nomadic tent. His son attends university. Orsoo owns and operates his own wooden product business, specializing in ger parts, ger furniture, and other larger furniture pieces. He started his business in 1990. Most of his profits come from the sale of his larger-sized furniture. All of his products are made with great care and attention to detail, which has earned him a reputation among his customers as a quality furniture provider. He would like to increase his sales so that he can afford his family's living expenses.
Orsoo is requesting a 4,000,000 tugrug (approximately 2,800 USD) loan to purchase more wood so that he can increase the number and the variety of large furniture pieces that he can sell in order to pay for his son's tuition fees.
About XacBankThis 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.
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Success!! The loan was 100% repaid