Zorigtbaatar B. is 43 years old and lives with his wife and two children in a fenced ger, a traditional Mongolian nomadic home tent, in the Suhbaatar province of Mongolia. His oldest son is a university student and his youngest daughter attends a local high school.
Zorigtbaatar operates a welding service and iron/metal work business out of his fenced land, where he produces such items as stoves, stove pipes, doors, etc. He began his business in 2002 and has gained a lot of experience as an ironsmith.
Zorigtbaatar is a modest and hardworking man and says, "I want my children to go to university and be well-educated.”
He is requesting a 1,500,000 Mongolian tugriks (MNT) loan in order to purchase raw materials for making a variety of steel products.
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.