Ganbold is 27 years old and lives with his wife and two daughters in Hovd Province, Mongolia. He and his family live together in a ger, a Mongolian nomadic tent. His two daughters, ages 5 and 3, attend kindergarten and haven't reached school age yet.
Ganbold operates a carpentry business in his town. He has been operating his business since 2004, and his wife helps him with his business when needed. Besides the carpentry business, he also operates a taxi service with a car that he bought with the previous loan that he received from XacBank. Ganbold has been operating both businesses successfully. He is focused on the future and says, “My wife is looking for a permanent job and we will work to provide a better life for our family."
He is requesting a 2,000,000 tugrug (~ 1475 USD) loan to purchase large amounts of timber and small products 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.