Luvsanpurev is 22 years old and lives with his mother, brother, and another sibling in Arhangai province, Mongolia. They live together in a 'ger', the Mongolian nomadic tent. Her mother is a herder and has a few head of livestock. Luvsanpurev's brother works in Ulaanbaatar, the capital city of Mongolia, and his sibling is a university student. They have been living in their current home for 22 years.
Since Luvsanpurev was a child, he helped his father manufacture wooden products. Unfortunately, his father passed away in 2006, and from that time he has worked independently, manufacturing wooden products on his own. Luvsanpurev's family helps him if any help is needed, and generally the whole family is very supportive of his business.
He began with a working capital of 50,000 tugrugs (~ 35 USD), but with his hard work his working capital has increased to 300,000 tugrugs (~ 211 USD). Luvsanpurev has been planning to grow his business in the future. He is a very hard-working person and has great communication skills. He says, “I would like to make my mother happier by working hard and continuing to pay for my sibling's university tuition fee.” He is requesting a 500,000 tugrug (~351 USD) loan to purchase planks 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.