Tumennasan B. is 49 years old and lives with his wife and adult son in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. His only son attends university. Tumennasan owns his own iron/metal work business where he produces a variety of iron items outside of his fence. He began his business in 2000 and has gained a lot of experience and skills as a iron smith. His wife helps him with the business.
After many years of successful development, he was able to build a stable operation. His business earnings have enabled him not only to provide for his family but also to pay his son's tuition fees. For the future, he plans to expand his business by producing more various iron products. Moreover he hopes to establish his own car repair shop.
Tumennasan is a modest and honest man and says, "I want to continue operating my business at a sustainable level so that I can continue to afford my son's tuition fees." He is requesting a 2,000,000 MNT loan in order to increase his working capital for his iron products production.
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.