Ganbaatar C. lives with his wife, a daughter and a son in Tsetserleg, a city in Arkhangay province. His son works in the capital city, Ulaanbaatar, and the daughter is a college student. His wife helps to run his business. He has years of experience in making wooden products. In 2000, he started his business with revenue of 100,000 tugrig ($1 USD=1,500 tugrig). Currently, the revenue has increased to 2,000,000 tugrig. His business has already been well established in the market and has many individual and corporate customers. He is very skillful and his shop is well equipped. He focuses mostly on product quality. His loan history is very good. He would like to use this loan to purchase equipment and some raw materials. Ganbaatar is well respected locally for his business and for his hard work. In the future, he hopes to train apprentices in carpentry and to continue to provide good-quality wooden products for the city. He also hopes to have a larger place 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.