Odhuu is 40 years old and lives with his wife and two children in a ger, Mongolian yurt in Ulaanbaatar, capital city of Mongolia. His two children, ages 9 and 18, go to a secondary school.
He manages a furniture making business with the help of his wife in his town. He started his business in 2003 and gained much experience. He makes his products at his workshop place at Narantuul market, one of the biggest markets in Ulaanbaatar city. Now he makes all kinds of furniture such as tables, chairs, hangers, etc. His business is quite successful which allows him to employ two more workers. He is a hardworking man who is planning to expand his business in the future. He is requesting a 3,500,000 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.