Otgondemberel is a 44-years-old man who lives with his wife and 4 children in Zavhan Province in Western Mongolia. His wife and the oldest child are unemployed and the other 3 children study at the college. He has been making ovens, cookers, chimneys, entrances and other iron equipment. He trades the products in the neighboring towns. He is a talented man who makes the perfect products. The regular customers in the neighboring towns appreciate the service he supplies.
Now he is working on a project and plans to continue the business by purchasing the supplies in large amount. Otgondemberel is a skilled man who says that "I would like to continue the business and expand it by getting the necessary materials in large quantities." The total amount he is requesting is 2,670,000 MNT to purchase the necessary iron 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.