Hairhan H. is 49 years old and lives with his wife and two children in Bayan-Ulgiy Province, in Western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. Since 2000, Hairhan has been running a special order home furnishing making business with the help of his elder son. After several years of sustainable business, Hairhan succeeded in creating his own workshop where he produces the quality wooden products that he supplies his customers with. He is well known for his products among his clients and customers in his town and in that length of time Hairhan has gained a lot of experience and knowledge. Hairhan says, “My dream is to pass my skills on to my elder son which would be his income source for his further life.” He is requesting a loan of MNT 2,000,000 in order to purchase a large amount wood and other materials used for producing more doors and windows.
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.