Amgalanbayar is 20 years old and lives with his mother, wife and son in ger (Mongolian tent) in Bayanhongor province, Mongolia.
His mother is unemployed and his wife babysits their newborn child. He is a certified welder who started welding in 2008 as employee of small company. In September of 2011 he decided to open his own business. He has already rented a place to run his business, however due to a shortage of equipment, he couldn't open for business.
His rented workshop is right next to the main road and it is in an industrial district, therefore should be a profitable location.
He is requesting 1,000,000 MNT to buy a welding machine to run 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.