Nyamdorj T. is a 45-year-old married man who lives with his wife and five children in the Hovd province of western Mongolia. The family lives in a ger, a traditional Mongolian nomadic tent. Two of his children attend a local secondary school. His wife works in the health sector and Nyamdorj works as a taxi driver. He began his business in 2006 after operating a meat-trading business for the previous three years. His previous business earnings plus his wife's salary have enabled him to buy his own car. Nyamdorj is a very optimistic and hardworking person who hopes to have his own house with a fence for his family. He is requesting a 1,600,000 MNT loan in order to purchase spare parts for his car and to purchase more meat for resale.
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.