Erdene-ochir is 44 years old and lives with his wife and three kids in ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife is employed and his kids are all school students. He started his carpentering business in 2000. Also, he operates a taxi service whenever he is free with his own motorcycle. His products are with high quality and very smooth. He makes traditionally designed chairs, tables, beds etc. Now that Mongolian holiday season is approaching his product demand is increasing. Therefore he's requesting 500,000 MNT to buy wood to make the furnitures. He's a sharp and hardworking man who says "It is my golden opportunity to expand my 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.