Gantulga is 46 years old and lives with his wife and two children in Arhangai province in central Mongolia. He and his family live in an apartment. His youngest son attends a local secondary school and his wife works as a cook for the local cafe. She helps him with the business in her free time by taking orders from his customers. Gantulga operates a wood products business in his town. He designs and produces many different styles and sizes of furniture that he sells throughout his community. He started his business in 2000 with a capital of 350,000 MNT that was used to buy the necessary equipment and tools for his carpentry business.
Today, his business is well established in the local area, and his working capital exceeds 1,300,000 MNT. For the future, he says, "My main business goal is to establish my own carpentry factory."
Gantulga is requesting a 1,000,000 MNT loan to purchase more wood supplies to make furniture.
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.