Ajrahgui is 35 years old and lives with his wife and three children in Tosontsengel province, Mongolia. He and his family live together in a ger, the Mongolian nomadic tent. They have been living together in their current home for 10 years.
During the day, Ajrahgui operates a carpentry business with his brother. He manufactures wooden furniture such as beds, wooden trunks and beams for a ger, the Mongolian nomadic tent. He has been operating his business since 2005, and has expanded his business and has a loyal customer base because of his well designed products and good service. His monthly revenue is 300,000 – 600,000 tugrugs (~ 211 – 422 USD), and monthly profit is 150,000 – 250,000 tugrugs (~ 105 – 175 USD). With his business profit, he provides money for his family's expenses.
Ajrahgui is a very hard working person. The most important thing to him is being able to provide education for his children. He says, “I am working hard to be financially available for my daughters' education in the future.” He is requesting a 500,000 tugrug (~ 352 USD) loan to purchase a variety of wood and other raw materials for his carpentry 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.