Nyamjav is 40 years old and lives with his wife and two daughters in the Uvs province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. Both of his daughters, aged 13 and 8, attend a local secondary school while his wife helps him with the family business.
Nyamjav manages a clothing retail business which he began in 1992. When he first began his business he rented a stall in the local market but was able to move into his own shop in 2008 after many years of successful operation. He would like to eventually begin a shoe business which would utilize his wife’s knowledge of making shoes.
Nyamjav is requesting a 3,000,000 tugrug loan in order to import a large amount of clothes from China for his 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.