Mr. Derchinnamsrai is 48 years old and lives with his wife and two daughters in a small house in the Bayan-Ulgii province of Mongolia. His wife, Tsermaa, works at a local school as a cleaning lady. His two daughters attend the local school and university. He has been crafting Mongolian traditional metal dead-latches since 2000. He is very talented and has lot of clients. He has built small houses for his two sons, and now he is planning to purchase inventory to increase his sales in order to save some money for his daughter's tuition fees and other school expenses. He is requesting 3,000,000 MNT for purchasing a large amount of metal from Erlian, China, to produce traditional latches for his clients. He is a hardworking, optimistic, and enthusiastic man.
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.