Enhbaatar A. is 33 years old and lives with his wife, Lhamsuren, and three-month-old baby boy, Nyambayar. Two years ago, Enhbaatar started a new business with his friend building his own ger and furniture. He was married that same year. The profit from their little business is the only income his little family has. It takes him anywhere from one to three months to finish the wood for a ger, and it sells for 1.5 to 2.5 million tugrugs (about $1,200 to $1,500). Usually the gers are then sent to UB to be sold. The wood is extremely expensive, so Enhbaatar would like a loan to help him buy the wood that he needs. He wants his business to do well so he can acquire his own building out of which he will work. In the meantime, he also drives a taxi to make ends meet. His wife doesn’t work, so she can stay home and take care of their new baby. Enhbaatar is an industrious, hardworking young man. He is very accommodating and a very pleasant person to be around.
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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