Hosbayar is 35 years old and lives with his children and wife in a ger (a Mongolian yurt) in the Tosontsengel province of Mongolia. His children are high school students. His wife makes Mongolian traditional shoes and also supports the family business.
He started his carpentry business nine years ago and is now operating at his local hometown. In the future, he plans to expand his business. He is a diligent and hardworking man who says, "My wife used to make Mongolian traditional shoes and then she quit. Now she is making them again. This really helps our family. While [our] children are young, we want to make the family business expanded and grown. I want to improve my life and expand my business so much."
He is requesting a 1,000,000 Mongolian tugriks (MNT) loan to purchase sewing materials for shoes and more 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.