Baasansuren is a 39-year-old man who lives with his wife and two kids in Central Mongolia. His wife is employed. His kids are in secondary school and kindergarten.
Baasansuren has been making wooden products and selling them at the market. He has attracted many regular customers because of his good design and quality materials. He regularly makes furniture and other items. Building on his experience, he plans further to develop his business by purchasing supplies in large quantities to build school tables with attached chairs.
Baasansuren is a talented man who says, "I would like to expand the business to raise the family income and improve the household." The total amount he is requesting is 2,000,000 MNT to purchase the necessary materials to make school tables and chairs.
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.