Purevsuren is 53 years old and lives with his wife and two children in the Arkhangai province of central Mongolia. His wife works as a nurse at the local hospital. His 21-year-old daughter and his son are in high school. Purevsuren is a trained carpenter who started his wooden furniture business in 1992 and has been steadily growing his business in the 18 years since. When he began his business, Purevsuren's working capital was approximately 100,000 tugrugs (approx. $70 USD). However, with a lot of hard work and good business practices his working capital is currently approximately 1,618,000 tugrugs (approx. $1,110 USD). Using his business profits, he was able to purchase a large Korean truck to use not only in transporting his goods, but also in earning money as a transportation service for other people. Purevsuren is requesting a loan of 2,500,000 tugrugs in order to purchase more wood and tools to keep his carpentry business growing.
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.