With his spouse, Tuvshinjargal, he has been selling firewood. He buys timber mostly at wholesale prices, cuts and bags the wood, and resells it. To expand his retail business, he aims to open a small store next to his little house on the plot of land he owns.
In the summer of 2007, he started baking bricks manually to sell. Baking a brick manually takes time and hard work. Otgonpurev intends to buy an automated brick baker. His plan is to build a store and a big house instead of the one room small house in which they now live. Otgonpurev says that "it is tough to live with four people in such a small house. I'm looking forward to having a big beautiful house with many bedrooms where my daughters can grow up for several years."
With this loan, he will buy a brick baking machine.
In the picture, Otgonpurev is sawing firewood with his spouse and one of his son.
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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