Erdenee O. is 41 years old and lives with his wife and three children in Uvurhangai province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His three children all attend a local secondary school, while his wife works as a salesperson in the shop. Erdenee owns and operates his own wooden product business out of his own work place next to his home. He started his business in 2001 making a variety of wooden items in his home, after working and living in the countryside as a herder. Since 2008, he was able to build an extra ger where he operates his business from, next to his home. All of his products are made with great care and attention to detail which has earned him a reputation among his customers as a quality furniture provider. Erdenee is a man with principle who works very hard.
He is requesting a 2,100,000 MNT loan to purchase more wood, a lathe, and a paint sprayer for his furniture making 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.