Nyamdorj T. is 60 years old. He lives with his wife and three children in a small house and fence in Uvurhangai province in central Mongolia. Nyamdorj operates a small grocery store in his town. He sells a variety food products in his shop. After moving to his town in 2007, he started his grocery business by selling a variety of consumer goods from a stall at the local trade center. He has found success with his business in a short period and his earnings have enabled him to open his own grocery shop where he operates his business. In addition, he plants vegetables which he sells at the local market to supplement his earnings. In the future, he plans to expand his business by increasing his product line. He is a hardworking and modest and says, "My one goal is to increase my earnings so that I can provide a good education for my children."
He is requesting a 3,500,000 MNT loan to purchase groceries so he can increase his working capital.
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.