Nyamgerel is 37 years old and lives with her husband and three children in Bayan-Ulgii province, Mongolia. She and her family live together in a ger, the traditional Mongolian nomadic tent.
Nyamgerel operates a carpentry business with her husband in their home province. Her husband manufactures wooden furniture and Nyamgerel helps with the business. They produce a variety of wooden furniture products including doors, windows, sofas, chairs and tables.
Nyamgerel and her husband have gained valuable experience in previous years and have a loyal customer base. Their monthly profit is approximately 200,000 - 400,000 tugrugs (approximately 145 - 290 USD).
Nyamgerel and her husband have been planning to expand their production line and increase their sales. She likes to say “Nothing is impossible.” She is requesting a 2,000,000 tugrug loan to purchase timber, nails and other materials for her 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.