Otgonbaatar is 30 years old and lives with his wife and son in a ger (a Mongolian yurt) in Uvurhangai province, Mongolia. His wife is a chef in a local restaurant and his son is a school student. He started his furniture-making business in 1999. He makes his furniture at home and sells it at the market. His furniture is modern and highly qualified. Now that the holiday season is here, his product demand is increasing. Therefore, he needs to buy some efficient equipment and needs additional raw materials. He is a sharp and hardworking man who is requesting 3,000,000 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.