Baatarsuren T. is 47 years old and lives with his wife and two sons in the Uvurhangai province of central Mongolia. He and his family live together in a ger, which is a traditional Mongolian nomadic housing tent. Both of his sons, ages 20 and 22, are university students. His wife, Dulam, is currently unemployed. Baatarsuren graduated from the Mongolian Institute of Art and Design as a pastelist in 1985. Today he uses his talents to operate a successful wooden crafts manufacturing business. He designs and produces a variety of wooden furniture in addition to painting and decorating his products. Baatarsuren started his business in 1996 and has since also started working for a private furniture company to supplement his earnings. Baatarsuren takes great pride in his work and has become an experienced craftsman. His business is well-known throughout the local area for his high-quality products. He is requesting an 800,000 MNT loan to purchase new materials and paints for his wooden crafts 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.