Hurelbaatar B. is 33 years old and lives with his wife and three children in the Chingeltey district of Ulaanbaatar, Mongolia in their own ger, a traditional nomadic housing tent. He graduated from 29th school, a special school for disabled and handicapped children. Hurelbaatar operates a business making wooden products and furniture in his town with the help of her wife. The business is very family oriented, as Hurelbaatar designs and produces their products while his wife paints and decorates them. Hurelbaatar started his business in 2005. The business has been successful and they have grown a stable operation. Hurelbaatar and his wife work hard in order to build a new house in the area where the family currently lives. He is requesting an 800,000 MNT loan to purchase more wood and paints.
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.