Adiyasuren S., 54, lives with his wife and three children in Uvurhangai province, Mongolia. He and his family live together in a 'ger', a Mongolian nomadic housing tent. They have been living together in their current home for 20 years.
Adiyasuren operates a wooden products manufacturing business in his town. He started his business in 1998 by making a small amount of furniture out of his yard. Initially, he received a 300,000 MNT loan from our bank to purchase a saw for his business (in 2001).
Adiyasuren is a hard-working man and has gained much experience in his craft over the past 12 years. The whole family has supported the business and they have built a stable operation with a loyal customer base. Adiyasuren is known for his good personality and he has many ambitions for the future. His dream is to one day build his own workshop. In addition, he wants to enjoy watching his grandchild grow up and enroll in university. Adiyasuren is requesting a 1,600,000 MNT loan to purchase timber for his business manufacturing wooden products.
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.