Nyamsuren M. is 48 years old and lives with his wife and daughter in Huvsgul province, Mongolia. His daughter, age 15, attends local high school. His wife supports and helps out with his business while Nyamsuren works as a carpenter. He has owned his carpentry business for almost 14 years and over this long time he has earned the loyalty of his customers because of the quality of his work and service.
He usually produces a variety of wooden items according to customers' orders and his wife is responsible for sale at the local market. Nyamsuren is requesting a 1,500,000 MNT loan in order to increase his working capital for his wooden items production 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.