Ganbold is 38 years old and lives with his wife and three children in a ger (a traditional Mongolian nomadic housing tent) in Hovd province, Mongolia. His older two children, ages 9 and 13, go to a local secondary school while the youngest one, who hasn’t reached school age, stays home.
He manages a metal welding business, with the help of his wife, in their town. He is responsible for making metal household goods including cups, spoons, forks, etc., and his wife is responsible for selling them. He specialized in making a traditional Mongolian oven used at almost all homes in the Mongolian countryside area. His business is quite profitable which allowed him to employ one more worker at his workshop.
He is a polite man who attributes his business success to his good communication skills. He says, "I am trying hard to feed my family and I want to have my own car in the near future." He is requesting a 3,000,000 MNT loan to purchase more iron for his 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.