Mendbayar, 33, is married and lives with his wife and two children in Uvurhangai province in Mongolia. His son attends school and his daughter goes to a kindergarten. They live in a 'ger', a Mongolian nomadic housing tent, and they have been residing at this place for 4 years.
Mendbayar started making wooden furniture in his backyard in 2007. Mendbayar is a hard-working and active person who is eager to enlarge his business and open his own workshop in the future. He expects more orders than usual due to Tsagaan Sar, the Mongolian traditional New Year, and is requesting a loan of 2,000,000 MNT to get more wood and other necessary materials to make more 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.