Otgonbayar is 43 years old and lives with his wife in his younger brother's ger, Mongolian yurt, in Sansar area, Ulaanbaatar, capital city of Mongolia. He manages a leather goods manufacturing business with the help of his wife. They started their business in 2006 and gained much experience. They make variety of leather clothes such as bag, coat, pant, skirt and gloves etc. Now they have many regular customers. He is a hardworking man who says, "I am planning to have my own house in the future." He is requesting a 1,150,000 MNT loan to purchase materials for his 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.