Mr Ganbold is 41 years old and lives with his wife and three children in a small house in Uvurhangai Province, Mongolia. His wife, Yanjindulam, works as a teacher in a kindergarten. His three children, Gombosuren, Enhjin and Anujin, ages 15, 13 and 9, are secondary school students.
Mr.Ganbold started his woodworking business at home in 2002. He makes traditional style furniture and he is popular in the town. He is planning to expand his business, to have his own workplace and to increase working capital in order to maximize his profit. He is a hardworking and honest man. He is asking 1,000,000 MNT to purchase raw materials for his 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.