Choijinhorloo is a forty-six-year-old man who lives with his wife and two children in a suburban area of the capital city of Mongolia. His wife is employed and their daughters are in college and high school. He has been making wooden products since 1992. He has an experience of twenty years in the field. His workplace is in his home, outside the yard. The products he supplies include table, chair, sofa and other types of furniture.
Choijinhorloo is a hardworking and talented carpenter who says that "I would like to improve the business activity by purchasing the necessary materials like wood, nails and applicators in large quantities, so that I can produce more products at once to expand the volume". The total amount he is requesting is 2,000,000 MNT to purchase wood, nails and other materials for the 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.