Ganbold is 51 years old and lives with his two children in the Ovorhangai province of Mongolia. He and his two sons live in a ger, the Mongolian nomadic tent. He operates a wooden furniture trading business and his two children help him paint the wooden furniture. With the Mongolian Lunar New Year coming, demand for his services is high. He started his business in 1990, and he has his own equipment in his home. He is a hard working person, and his communication skills are good. He says, “I would like to expand my business and to buy a car for my son. Therefore, my son will be able to run a taxi service and it will be easier for us to transport our wooden products. ” He is requesting a 2,780,000-tugrugs loan to purchase wood and materials.
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.