Lhamsuren operates an iron product making business in his town. He makes a variety of iron products such as pots, garages and doors, etc. He started his business in 1997 after running a transportation service for several years.
Lhamsuren is 51 years old and lives with his wife and three children in Uvurhangai province, Mongolia. His family lives in a Mongolian traditional nomadic tent called a ger. His second daughter, who is 20 years old, studies at university and his wife is a hairdresser.
Over the years, Lhamsuren has worked hard to expand and improve his business. Now his working capital is 2,400,000 tugrugs (~$1700 US) with a monthly net profit of 450,000 tugrugs (~$320 US). He buys all his raw materials from Ulaanbaatar, the capital city of Mongolia. He is a hardworking man with good communication skills. He says, "I am planning to have my own workshop in the future." He is requesting a 3,000,000 tugrug loan to purchase raw materials for his 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.