Nansaljav N. is 44 years old and lives by himself in a ger, a Mongolian traditional housing tent, in the Uvs province of Mongolia.
He manages a Mongolian traditional shoe-making business with the help of his relative.
He started his business in 2005. He makes four or five pairs of shoes per day and sells them at a local market. Customers are very satisfied with the quality and design of his goods.
His business is quite profitable during the fall, winter and spring period. Now his working capital exceeds 500,000 MNT. He is planning to expand his business in the future.
Besides his shoe-making business he works as a plumber during summer and gets paid 300,000 to 500,000 MNT of monthly salary.
He is a hardworking man who says, "I would like to get married in near future."
He is requesting a 600,000 MNT loan to purchase fabrics and materials for his business.
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.