N. Yanzaga is 34 years old and lives with his wife and three sons in Zavkhan province in western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His oldest two sons attend a local secondary school and the youngest, 2 year-old, Batdorj, stays home with his mother. Yanzaga operates a wooden product making business in his town. He makes and sells a variety of furniture items to his customers. Yanzaga started his business in 2003. Since then, he has grown his business and is well established in the local business community. His earnings have enabled him to provide for his family and buy his own workshop. He says "My wish for the future is to save enough money for my children's education and one day build a house for my family." Yanzaga is requesting a 1,500,000 tugrug (~1050 USD) loan to purchase more wood for his wood products 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.