Ganhulug is 26 years old. He and his wife and their three children live in an apartment of their own in Arhangai province, Mongolia. Ganhulug's wife helps him run his business.
In 1994-1996, Ganhulug attended a training course on the manufacture of wooden products. After he finished the training, he worked in his brother-in-law's carpentry shop but, since 2000, he has worked independently and has been operating his own carpentry business.
Originally Ganhulug had a working capital of 100,000 tugrugs (approximately 70 USD), but after a lot of hard work his working capital currently exceeds 1,290,000 tugrugs (approximately 900 USD). He usually sells his wooden furniture in Umnogovi province, Mongolia, which is approximately 650 km from his own home province.
Ganhulug is a very open and hardworking person. He says, “I would like to create my own workshop and to purchase a new truck with my business profits in order to decrease the expense of transportation.” He is requesting a 1,000,000 tugrug loan to purchase a large amount of material needed to manufacture wooden products for his customers.
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.