Naidansuren, 38, is married and lives with his wife and two children in Ulaanbaatar, the capital of Mongolia. They live in a 'ger', a Mongolian nomadic housing tent, on the outskirts of the city. He is a skilled carpenter and makes wooden products to fill custom orders. In addition to his carpentry business, he operates a food shop with his wife. They started the shop with a working capital of 300,000 MNT and their current working capital exceeds 1,000,000 MNT.
They want to expand their business and enlarge their shop. Naidansuren is a very hard-working and honest person who is trying to build everything by himself. He is requesting a loan of 1,000,000 MNT to purchase more foodstuffs for the shop.
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.