Nyamtseren T. is 49 years old and lives with his wife and two adult daughters in Hovd province of Mongolia. His daughters, ages 21 and 20, both attend university. In 2000, he began his business of selling clothes, with help of his wife, and has since managed to increase his working capital. His earnings have enabled him to purchase an apartment for his family in Ulaanbaatar, the capital city of Mongolia. Nyamtseren hopes to continue expanding his business and save money for his children's future education. He is an honest and well disciplined man. He is requesting a 1,500,000 MNT loan to purchase new season's clothes for the upcoming autumn months in order to increase his sales.
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.