Myagmardorj L. lives with his wife and teenage daughter in an apartment in Ulaanbaatar, the capital city of Mongolia. His wife works in a hotel while his only daughter attends a local high school. The family rents an apartment with monthly fees of 250,000 MNT and pays the rent every 6 months. Myagmardorj used to work in his brother's vacuum window making company and in 2004, he decided to operate his own window-making business with the help of his friend, in a rented workplace, renting the necessary equipment.
After years of operation, they were able to buy their own tools and equipment and run their business which however stopped in 2009 due to high rental cost. After that, Myagmardorj purchased a container space in Narantuul, the biggest market in the city, where he operates a luggage-storing business. He has built up a stable and successful operation within this short period. Over the year of operation, his earnings have enabled him to live in a rented apartment after previously living in a 'ger', a traditional Mongolian nomadic home tent, in his brother's yard.
Myagmardorj is a modest and helpful man . He is requesting a 3,000,000 MNT loan to expand his business type by returning to his previous vacuum window-producing 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.