In Ulaanbaatar, he launched a small shop for the wooden products that form gers (traditional Mongolian nomadic circular tents) in the Narantuul market, which is the largest outside marketplace in Ulaanbaatar. Since its inception, his business has expanded and currently employs four workers.
His firm brings raw wood from the Uvurkhangay province and manufactures the wooden products for tents in Ulaanbaatar. He receives direct requests from his customers thanks to his popularity and hard work; therefore, there is no need for him to rent a stall in the Narantuul market anymore.
Erdenebayar is a dedicated, hard-working and entrepreneurial man. He hopes to have a larger-scale production firm for wooden products. He says, "The first thing I am aiming for is to have my own plot of land and a place to live." He requests a loan to purchase more wood from the Uvurkhangay province.
About XacBankThis 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.
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