Enhbayar T. is 45 years old and lives with his wife and two children in Bayanhoshuu of Ulaanbaatar, Mongolia's capital. He and his family live in a ger, a traditional Mongolian nomadic tent. His two children attend university while his wife helps him with the business.
Enhbayar owns and operates his own wooden products business, specializing in home kitchen furniture. He started his business in 2003 by making a variety of wooden products alone in his home. Over the many years of business, he has managed to expand his business and hire two more employees. His wife sells those products in a rented stall at the Narantuul, the largest market in Ulaanbaatar. He would like to increase his sales so that he can afford to build a house by the end of next year with his business profits. For the future, he plans to establish his own furniture making center in his yard after building a big house. Enhbayar is requesting a 2,500,000 MNT loan to purchase more materials.
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.