Sugarragchaa is 53 years old and lives with his wife and three children in a ger, a Mongolian yurt, in Uvs province in Mongolia. His younger two children, age 19 and 21, attend college while his older son helps with his business.
Sugarragchaa manages a wood-product making business in his town. He started his business in 2004 and has gained much experience. Now he makes a variety of furniture such as tables, chairs and hangers, using a broad collection of designs. He has been able to stabilize his business and has built a strong customer base. His customers are happy with the quality and durability of his products. He always updates his equipment in order to sell quality products to his customers. He is planning to have small workshop in the future.
With his earnings, Sugarragchaa is paying for his younger two children's educational cost. He is a hardworking and responsible businessman who says, "One has to be confident in his fate." He is requesting a 1,500,000 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.