Gandolgor is 41 years old and lives with her husband and two sons in Arhangai province, Mongolia. They live in a Mongolian traditional nomadic tent called “ger.” Her two sons both attend a secondary school.
Gandolgor operates a wooden products business with the help of her husband in their town. Her husband is responsible for making variety of wooden products such as tables, chairs, cupboards and so on, while Gandolgor is responsible for decorating and painting the products. They started their business in 1995 with working capital of 450,000 tugrugs (~320 USD). Over the years she has expanded and improved her business with working capital now reaching 4,500,000 tugrugs (~3200 USD). They are well known to residents of their town, because of their products' good quality and modern style.
With their business profits, they were able to redesign and fix their home. To supplement to their earnings they also operate a meat trading business at a local market. Now they can fully support all of their family members' needs. She says, "For the future I want to expand my business." She is requesting a 4,000,000 tugrug loan to purchase wood for her furniture 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.