Gantulga is 50 years old and lives with his wife, Otgon, and 2 sons in western Mongolia. His wife works as a decorator in a construction business during the summer. His sons study at the local secondary school. He has been running a welding business from his home since 2000. Over the years, he has established a well-known service in the area and has gained regular customers. Based on his experience, he decided to expand his equipment so that he can supply more services and save for his sons' college fees. He is a really intelligent guy who says, "I would like to extend my business by getting some necessary tools with help from you." The total amount he is requesting is 3,000,000 MNT to purchase welding 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.