Myagmarsuren is 32 years old and lives with his wife and three kids in a ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife babysits her newborn baby and two of the kids are school students. He started his wooden craft business in 2005 by making his products at home. Now that his products are well known, product demand is increasing and he needs to buy new equipment to speed up the process. He is requesting 1,500,000 MNT to buy new equipment and wood materials.
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.