Tumenbayar is 38 years old and lives with his wife and two children in Uvurhangai province in Mongolia. He and his family live together in a house which was built after obtaining a loan from Xacbank. His wife operates a clothes making and repair service in a rented space to supplement the family's income.
Tumenbayar operates an iron crafting business in his town. From his shop inside a shipping container at the local market, he produces a variety of chimney and household iron products. He started his business in 2005 after working as a welder since 2002. He graduated from a construction institute as a welder in 1992.
After years of operation, Tumenbayar has grown his business into a stable operation and has gained significant experience as a skilled ironsmith. Tumenbayar is requesting a 1,500,000 MNT loan in order to purchase necessary materials and supplies for both his and his wife's businesses.
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.