Nasanbat is 34 years old and lives with his wife and three children in Hovd province, Mongolia. He and his family live together in a ger, the Mongolian nomadic tent, in a rental yard. His oldest two children, ages 12 and 9, attend a local secondary school.
Nasanbat operates a clothing trading business with his wife at a local market. He has been operating his business since 2005, and has steadily expanded his business. The business is supported by the entire family and they have built a stable operation. With his earnings, he purchased a car for his family and for his business.
Nasanbat is a very hardworking person who has a great business mind. Besides his clothing trading business, he operates a taxi service as well. Nasanbat has many plans for the future and says, “My dream is one day to open brand clothing shop in the future.”
He is requesting a 3,100,000 tugrug loan to purchase more clothing 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.