Davaadorj, 31, is married and lives with his wife and son in UlaanB., the capital of Mongolia. They live in a ger, Mongolian nomadic housing tent, in someone's backyard on the outskirts of the city.
He and his wife have worked together operating their tailor shop for the past six years. The shop they rent is located on a crowded street in the city center. Now their business has become much more stable and they have regular customers. As a reliable and well-known tailor shop, they always have custom orders. They are trying to expand their business and increase the variety of their products. They are planning increase their capacity and start making uniforms and suits in large quantities.
Davaadorj is a hardworking person with initiative who says, "We think our future is bright. When you work hard, you always win something. Now, my wife and I are trying to expand our business and save money for our son's future." Davaadorj is requesting a loan of 1,500,000 Mongolian tugriks (MNT) to purchase some more stitching machines in order to increase their work efficiency.
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.