Otgonbaatar D. is 22 years old young man, who lives with his father in Harhorin, the ancient capital city of Mongolian empire, Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His father is retired and receives a pension for old age per month.
Otgonbaatar owns a carpentry business in his town. He used to live in the countryside and today he has his own 100 livestock. He began his wooden product making business in 2009, purchasing necessary tools and equipment after obtaining a business loan from XacBank. For the future, he plans to work as a carpenter in the Bat-Ulzii sub province.
Otgonbaatar is a very modest and hardworking man. He needs more funds in order to get married and live on his own, and is therefore requesting a 1,000,000 MNT loan to purchase more materials in order to increase his sales as well as to purchase a ger cover for his future home.
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.