Banzragch is a loving father of four who is disabled. His wife is a janitor. His eldest daughter works in city, his middle two are college students, and his youngest child is unemployed. Banzragch started his carpentry business in 1985 at home. He makes gers (Mongolian yurts), wooden walls, and Mongolian traditional furniture. Now that winter is approaching, he needs to update his equipment due to high business demand.
Banzragch is requesting a 2,500,000 MNT loan to buy timber and other materials. He is a strong and hardworking man who says, “I have four wonderful children. I will do everything I can in order to get them educated.”
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.