Erdenebat, 32, is married and lives with his wife and two sons in the Uvurhangai Province of Mongolia. They live in a ger (traditional felt house) on a small plot of land that they have owned for the past ten years. He is an electrician and his wife is a seamstress.
Erdenebat operates two kinds of business. He started his clothes trading business in 2002, and later began his carpentry business in 2007. He now rents a space and operates his business in a Local Business Development Center. He purchases the wood from nearby vendors in the countryside.
Erdenebat is a hardworking, modest and warmhearted person who says, "I want to save money in order to be able to provide the possibility for my sons to get a college education in the future and I also wish to open my own workshop." He wants to purchase more clothing from China for his business clothing trading business. He is requesting a loan of 1,000,000 MNT to purchase more clothing from Erlian, a border city of China with Mongolia.
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.