Nurjan H. is 38 years old and lives with his wife and daughter in the Bayan-Ulgii province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent and enclosure. His daughter attends a local secondary school while his wife works as a teacher for the school. Nurjan operates a raw materials trading business, using his own car, buying raw materials locally and selling them in Ulaanbaatar, the capital city of Mongolia, for a profit. He started his business in 2001 with working capital of 1,000,000 MNT which soon grew to 9,000,000 MNT. He has gained a lot of experience and knowledge over the years and he hopes to use this experience and knowledge to keep his business growing. Nurjan is a hardworking and modest person and is requesting a 3,000,000 MNT loan to purchase more raw materials to sell in Ulaanbaatar.
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.