Narsumbe is 26 years old and lives with his wife and two daughters in Khovd Province, Mongolia. He and his family live in a "ger," a yurt or traditional Mongolian housing tent. His two young daughters both attend kindergarten.
Narsumbe and his wife sell cosmetics in their town. He sells a variety of cosmetic from a rented stall in a local goods market. Narsumbe started his business in 2005. At first, he conducted his business from a small, rented stand at the market, but he used his earnings to buy a working space at a trading center that is located in the market. Today, his business operates at a stable level and he has a good reputation among his customers and suppliers. With his earnings he was able to buy a car and is planning to buy an apartment soon.
In the future, Narsumbe hopes to continue to expand his business and earnings. He says, "My wish is to educate my children and expand my business." He is requesting a 1,500,000 tugrug (~$1050 USD) loan to purchase cosmetics from Ulaanbaatar to sell.
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.