Nergui is 36 years old and lives with his spouse and two children in Arhangai province in central Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His two daughters, aged 14 and 8, attend a local secondary school. Nergui currently operates a photo frame making business with the help of his wife in his town. Hee designs and produces many different styles and sizes of frames that he sells throughout his community. Nergui started his business with capital of 500,000 tugrugs (~350 USD) and has found success in his trade. Today, his business is well established in the local area, and his working capital exceeds 3,000,000 tugrugs (~2,100 USD). For the future, Nergui says, "My main business goal is to continue to produce quality products for my customers." He is requesting a 1,000,000 tugrug loan to purchase more wood to make frames.
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.