Boldbaatar is a 41-year-old man who lives with his wife and 2 children in Hentii province, Mongolia. His wife has a sewing job. The children study at the local secondary schools.
Boldbaatar started a welding business based on his experience. He previously worked for a mining company for 7 years. Therefore, his welding service became popular in the area and he makes the various types of welding both at home and at the customers' places. He has few equipment and machineries for the business.
Boldbaatar is a hardworking man who says that "I would like to expand the business activities by purchasing cold welding machine and materials. I am planning to offer more services to the customers". The total amount he is requesting is 1,250,000 MNT to buy welding materials and a sewing machine for his wife's 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.