Galsanpuntsag is a 36-year-old man who lives with his wife and three children in Bayanhongor province in Southern Mongolia. His wife is employed. He has been running a goldsmith business since 2005. He had prior experience running a food market. His wife has been trained at the center and now has a sewing business in his workplace. They are working hard to raise more for the children and their future. Galsanpuntsag is a diligent man who says, "I would like to expand the business activity by buying the necessary materials for the sewing business". The total amount he is requesting is 1,000,000 MNT to buy sewing materials for his wife's 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.