Nyambayar, 45, is married and lives with his wife and six children in Darhan, the second largest city of Mongolia. They live in a small house with a 'ger', a Mongolian nomadic housing tent, next to it on the outskirts of the city. They had to build the 'ger' as they are a big family and the house that they own is too small for 8 people. Two of Nyambayar's children go to university while three others attend secondary school.
Nyambayar started his clothes retail trading business in 1991 with a working capital of 500,000 MNT by renting an outdoor stall at a local market in Darhan. In ten years' time, he has managed to enlarge his business by operating lingerie sales and has increased his working capital 3 times over. He wants to rent an extra stall and expand his business by operating a clothing trading business.
Nyambayar is a gentle and hard-working person who says, "My desperate wish is to be able to provide my children with the opportunity to get a good education so that in the future they can have a good life. And I would also like to expand my business." He is requesting a loan of 1,800,000 MNT to bring in more goods for sale due to Tsagaan Sar, Mongolian Traditional New Year, as everyone buys gifts for each other.
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.