Namhaijamts S. is 38 years old and lives with his wife and two daughters in Ulaanbaatar, a capital city of Mongolia. His daughter, Munhjargal, is 11 years old and attends a local secondary school and his wife, who works in the Mongolian Post company, has recently given a birth to a baby and is on her maternity leave. He and his family live together in a ger, a traditional Mongolian nomadic housing tent.
Before moving to Ulaanbaatar, the family had lived in the Gobi-Altai province till 2000 and they operated a shoe-making business in their town.
Namhaijamts operates a coal-selling business by transporting coal from the nearest coal mine in Ulaanbaatar. He purchases coal directly from local mine and uses his large van to transport it back to the city. He has been engaged in this business since 2004 after purchasing a car and has gained much experience over the years. He has a large customer base with many loyal clients. He made a contract with the police departments of Songinohairhan district to supply them coal. For the future, he hopes to buy a truck with a high hauling capacity.
Namhaijamts is requesting a 1,500,000 Mongolian tugriks loan for his coal-transportation 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.