Jargalsaihan R. is 37 years old and lives with his wife and three children in Hovd province, in western Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His elder daughter attends a local middle school, and his younger twins go to a local kindergarten. His wife takes care of their children. Jargalsaihan owns and operates his own wooden products business, specializing in ger parts, ger furniture, and other larger furniture pieces. He started his business in 2003 and most of his profits come from the sales of his wooden furniture, which is sold at a local market. All of his products are made with great care and attention to detail, which has earned him a reputation among his customers as a quality furniture provider. He would like to increase his sales so that he can afford to build a small shop. Jargalsaihan is a hardworking and modest person who is requesting a 1,000,000 MNT loan to purchase more wood so that he can increase the number and variety of large furniture pieces.
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.