Nyamsuren C. lives with his wife and three children in the Bayanzurh district of Ulaanbaatar, the capital city of Mongolia. His two oldest children both go to private high schools and the youngest daughter goes a local kindergarten.
Nyamsuren runs a small factory that produces concrete blocks for construction in the city. His factory is located in Tolgoit, one of the suburban areas of Ulaanbaatar, connected to the city by a paved road. His factory currently has three employees and he plans to expand the factory as the demand for construction materials in the city picks up soon.
Nyamsuren works hard in order to be financially able to meet his family's ever increasing expenses. His two children both go to private schools and it significantly adds up to the family expense. He stressed the importance of education for his children and hopes to keep supporting their education as long as he can. Nyamsuren requests a loan to purchase raw materials for his concrete-block-making 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.