Galbadrah N. is a married man and lives with his two adult children in the Chingeltei district of Ulaanbaatar, the capital of Mongolia. His two children both attend university. Galbadrah and his wife operate a construction business specializing in the interior and exterior decoration of buildings. He has owned this business for the past 9 years and over this time he has gained a lot of experience.
Before starting his business, he worked as a teacher until 2001 (after graduating from university as a teacher in 1991). After years of successful operation, he was able to buy a new car which enabled him to start operating a new transportation service business to supplement his earnings. Today his working capital exceeds 2,000,000 MNT and monthly sales has reached a level of 800,000 MNT.
Galbadrah is a business man and says, "I want to build a house for my oldest son in the future." He is requesting a 1,200,000 MNT loan in order to purchase necessary materials and supplies for his construction decoration 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.