Mr. Chimeddorj is 46 years old and lives with his 4 children in their Ger, a traditional nomadic yurt, in Ulaanbaatar city, Mongolia. His wife passed away few years ago. His older two children attend a local college, his second son helps him to run his business and his youngest son attends local secondary school.
Chimeddorj has been running his wooden furniture manufacturing business in small workshop on his plot of land for 7 years. He has been manufacturing Ger parts and supplies for a local company for years.
He is now requesting a loan of 1,000,000 MNT to purchase wooden materials and other necessary materials to manufacture products on time and supply the company. He is a hardworking man and a caring father to his children.
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.