Zorigoo B. is 23 years old and lives with his wife and daughter in Bayanhongor province, Mongolia. His wife is unemployed while his daughter is at home.
Zorigoo makes furniture in his own fenced yard near the family home. He started this business in 2009 and has since made quality furnishings for the people of his province. He wants to one day rent a small carpentry workshop and operate the business with his brother. He also wants to expand his business by building a workplace to sell more furniture and further improve his family’s financial situation and their quality of life.
Zorigoo is very modest person. He is requesting a 600,000 MNT loan to buy more wood and furniture-making supplies 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.