Myagmardorj Y. is 48 years old and lives with his wife and three children in Hovd province in western Mongolia. He and his family live in a 'ger', a traditional Mongolian nomadic tent. His older daughter is going to marry soon. His middle child, a son, 22, is a student while his younger daughter, 12, attends a local secondary school. His wife works as a servant in a City Accomplishment Agency.
Myagmardorj operates a coal selling business in his town. He started his business in 1999 and has built up a stable operation. He is a very modest and hardworking person and is requesting a 1,050,000 MNT loan to purchase more wood and coal from neighboring sub-provinces 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.