Lhagvasuren makes wooden products. He started this business in 1995. Besides his wooden product making business, he started a transportation service in 2008. He transports people's baggage and luggage throughout his province.
Lhagvasuren is 37 years old and lives with his wife and three sons in Arhangai province, Mongolia. They live in a Mongolian traditional tent called a ger. His 9-year-old and 17-year-old sons attend the local secondary school and his youngest, age 8, is in kindergarten.
Lhagvasuren is planning to maintain and continue his business. He is a very open-minded and hardworking businessman. He says, “I want to start a block manufacturing business in the near future. I made some calculations and realize that it could be a very profitable business in Mongolia.” He is requesting a 3,000,000 tugrug loan in order to purchase a large amount of wood for his wooden product making 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.