Nergui, 37, is married and lives with his wife and one year old daughter in Ulaanbaatar, the capital of Mongolia. His wife works as a bus conductor for a transportation company where she is paid 380,000 MNT per month.
Nergui started a meat and coal trading business in 2009. He brings coal from a mine which is located near Ulaanbaatar and sells it at a local market. He also operates a stall where he sells meat. His average daily sales volume is about 250,000 MNT, and his monthly profit is between 400,000-500,000 MNT. He was able to build a new house with the profits he made from his business. Nergui is a hardworking and honest person who says, " I would like to buy a jeep in the future". He is requesting a loan of 3,500,000 MNT to purchase two tons of meat as prices are expected to rise in the coming season.
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.