Bat-Orshih D. has a family of five and lives in Arhanghai, one of the central provinces of Mongolia. His oldest daughter is a high school teacher and lives away from her parents. His second-oldest daughter is a college student in Ulaanbaatar, the capital city of Mongolia. Currently, Bat-Orshih lives with his wife and his youngest daughter, who is a local high school student. Bat-Orshih started a small carpentry business in 1990, with just 40,000 MNT of capital ($1 USD=1,500 MNT). He makes wooden furniture, such as chairs, beds, and tables. His clients are mostly from the town where he lives. As the business expands, he would like to acquire more clients from neighboring towns in the province. In the future, he hopes to continue to be able to afford his daughters' college tuition. He requests a loan to purchase more wood for his carpentry 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.