Samiidavga is 50 years old and lives with his wife and five children in a ger (a Mongolian yurt) in Zavhan province, Mongolia. His wife helps with his business. His three eldest children are college students, and the youngest two are school students. He started his carpentry business in 2000. He makes traditional-style furniture. He also runs a well. He is a sharp and hardworking man who says, "I have to work hard and maximize my capacity in order to pay my children's college fees." He is requesting 500,000 MNT to buy raw materials and some tools.
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.