Shirheerev is 36 years old and lives with her wife and three children in Zavhan province, Mongolia. He and his family live together in a ger, the traditional Mongolian nomadic tent. They have been living together in their current home for three years.
Shirheerev operates a carpentry business in his town. He produces a variety of wooden furniture including beds, beams, and doors for a ger, the traditional Mongolian tent. He has been operating his business since 2007, and has steadily expanded his business. His monthly sales revenue is 300,000 – 500,000 tugrugs (~210 – 350 USD), and his monthly profit is 100,000 – 200,000 tugrugs (~ 70 – 140 USD ). Shirheerev is a very hard working person. He is requesting a 300,000 tugrug (~ 211 USD) loan to purchase a variety of wood 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.