Natsagdorj J. is 46 years old and lives with his wife and three children in the Bayan-Ulgiy province of western Mongolia. His children range in age from 10 years old to 18 years old. He and his family live together in a ger, a traditional Mongolian nomadic tent. His younger two daughters attend a local secondary school while his oldest is currently unemployed. His wife sells various kinds of dairy products to support the family income. She receives 25 to 30 percent of her business profit.
Natsagdorj has been doing a carpentry job since 1990. He also works as a stoker at a local company during the winter time. In summer, he operates a construction business specializing in small homes and storage buildings. He usually finishes each order on time and receives between 100,000 and 350,000 MNT per order. He says, “My only wish is to be able to afford my children’s education.”
Natsagdorj is requesting a 700,000 MNT loan in order to purchase tools and more dairy products.
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.