Ganbaatar is 25 years old and lives with his wife and two kids in ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife looks after her children. He started his wool processing business in 2008. He started his doing his products by his bare hands. He processes wool and makes felt. He supplies to the factory. Now that his doing it for sometime, his product demand is increasing. Therefore, he's requesting 1,500,000 MNT to buy wool and improve his equipment. He's a young and hardworking man who says "Now I'm father I have to be more responsible for my business in order to support my children."
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.