Ganhuyag B. is 36 years old and lives with his mother in Hovd province in western Mongolia. They live together in a traditional Mongolian house-tent called a ger. Ganhuyag operates a metal home goods trading business at the local market in his town. He takes sheet metal and forms many small products such as buckets, washtubs, dustpans, etc., from them. His mother helps to sell the products at their stall in the market.
Ganhuyag started his business in 2000 and has built a stable operation over the years. His earnings have enabled him to pay half of the money owed on a car he purchased in 2002. Ganhuyag has a very strong work ethic and is a very open-minded person. He says, "I hope to save enough money to build my own house next to my mother's as well as pay the other half owed on my car." Ganhuyag is requesting a 2,000,000 MNT loan to purchase a large amount of raw materials for his metal products 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.