Sandagsuren T. is 37 years old and lives with his wife and two children in Zavhan province of western Mongolia. Both of his children go to a local kindergarten while his wife works as a stock keeper in a local private company.
Sandagsuren manages his own iron/metal work business where he produces such items as stoves, stove pipes, smokestacks, and so on. He began his business in 2003 and has gained much experience over the years. He says, “My dream is to expand my business and establish a workshop of my own.”
Sandagsuren is requesting a 600,000 MNT loan in order to purchase raw materials for making stoves and other items for the upcoming winter months.
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.