Nyambayar M. is 25 years old and lives with her husband and son in the Tosontsengel province of Mongolia. She and her family live together in a rented apartment. Her husband is an accountant and works in a private company. Nyambayar operates a retail clothing business in the Republic of Tuvans. Her siblings currently live and work in Kyzyl, the capital city of the Republic of Tuva. They rent and sell a variety of consumer goods in the local community.
Nyambayar is responsible for importing products from China while her sibling is responsible for selling the products in the market of Kyzyl. She began her business in 2008, first selling consumer goods, and has since expanded her product line by selling a variety of construction materials along with her goods-trading business.
For the future, she plans to have her own factory space. Nyambayar says, "Nowadays, a traveling business is not enough to support an entire family. I am planning to establish a manufacturing business by producing a variety of items so that my business might be profitable. Unfortunately, I cannot obtain a loan for a high amount, so therefore my earnings are not sufficient enough for my business."
She is requesting a 3,500,000 MNT loan in order to import children's clothing items as well as construction materials from China which her sibling can sell in the foreign market.
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.