Narmandah O. lives with his wife, his son and his son's family in Ulaanbaatar, the capital city of Mongolia. Narmandah's son, daughter-in-law and two grandchildren live with him in a ger, a traditional Mongolian nomadic housing tent.
He operates and manages a traditional shoe-making business with his wife. He has been making and selling traditional shoes with white soles, called the Buriad shoe, in Narantuul -- Ulaanbaatar's largest market -- since 1998. His oldest son also produces traditional Mongolian boots and sells them at their family stalls in the market. His business is in popular spots to attract customers.
Narmandah is a hardworking person and plans to produce more boots of different types. He is requesting a 3,000,000 Mongolian tugriks loan to grow his working capital by expanding his product line.
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.