Chimedee is 62 years old and lives with his wife and two children in a ger (traditional nomadic yurt house) in Dundgovi province, Mongolia. His wife Nyamsuren is retired and stays home taking care of the family. His older son helps him to run their family business of wooden furniture manufacturing. His younger son is 14 and is a local public school student.
Chimedee has worked at a local wooden furniture manufacturing company since 1990. He started his own business years ago. He has lot of experience and now his son is involved in the business. Chimedee teaches and grooms his son to prepare him to run the family business further. He is a hardworking and diligent man who is now requesting loan of 3,000,000 MNT to replace some of the tools and purchase wooden inventories 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.