Naranbat L. is 23 years old and lives with his wife and daughter in Hovd province, in western Mongolia.
He began his secondhand clothing retail business with the help of his wife in 2009, after resigning from his job as a music teacher in a local kindergarten. Over the past two years, Naranbat and his wife have proven to be very hard-working entrepreneurs with both business and customer service experience. The couple hopes that when the time comes, he and his wife will be able to afford to improve their own lives.
Naranbat is requesting a 1,200,000 MNT loan in order to purchase more clothing for his business and increase his working capital.
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.