Ganbaatar is 53 years old and lives with his wife and daughter in a ger, a traditional Mongolian felt tent, in the Uvurhangai province of Mongolia. Since 1974, Ganbaatar has been working as a welder and he opened his own home welding business in 2005. His wife and daughter help with his business and his son works in city. Ganbaatar is well known for his excellent work and his equipment is portable equipment which gives him an advantage over his competitors.
Ganbaatar recently received a mass order from a company and he is requesting a 500,000 MNT loan to buy thin and thick iron.
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.