Erdenee is 42 years old and lives with his wife and three children in a house in the Uvurhangai province of Mongolia. His two children go to a local secondary school and his wife is a salesperson at a small, private store. He manages a woodworking business in his town. He started his business in 2003 and has gained much experience. He makes all kinds of household goods such as tables, chairs and kitchen furniture. He is a polite and hardworking man who says, "I will build many gers, Mongolian yurts, this coming summer so I want to buy large amount of wood with the loan." He is requesting a 3,000,000 MNT loan to purchase wood 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.