Nyamdorj L. is a 49-year-old and lives with his wife and daughter in Hovd province, Mongolia. The family lives together in a 'ger', a traditional Mongolian nomadic tent. His daughter, age 6, attends a local primary school while his wife works as an accountant for the university and during her free time, helps Nyamdorj by preparing financial reports for his business.
Nyamdorj owns and operates a tailoring factory called " Buteelch Zuu" (meaning Productive Needle) which was started in 2010. Before he began his current business, he used to operate two kinds of businesses including raw materials and flour trading businesses and has gained much experience as a businessman.
For the future, he hopes to expand his business and remodel both his workplace and house using his future business earnings. With his loan, he is planning to purchase a large amount of materials and supplies in order to meet the high demand for upcoming Mongolian and European New Year holidays.
Nyamdorj is a very modest man. He is requesting a 3,000,000 MNT loan to purchase more clothing fabrics and materials for his growing 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.