Enhtur is 32 years old and lives with his wife and two children in a ger (Mongolian yurt) in Dornod province, Mongolia. His wife is unemployed and both children are school students. He began his carpentry business in 2009 by working at home. He now has his own small workshop. He works primarily on small projects like wooden souvenirs and door handles. His business has been increasing steadily. However, since he is the only one generating revenue in the family, the income is not sufficient. Therefore, he is requesting a loan of 1,600,000 MNT to buy equipment and raw materials.
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.