Narandelger is 28 years old and lives with his wife and son in an apartment in Ulaanbaatar, the capital city of Mongolia. His wife is a hairdresser who also cares for their 2-year-old son. Narandelger manages a cell phone repair and trade business at a rented stall in the Narantuul market, one of the biggest markets in Mongolia. He started his business in 2009 and has gained useful experience. He has been able to stabilize his business and build a strong customer base.
Narandelger requests a 2,500,000 MNT loan to purchase more cell phones and cell phone parts for his business. He plans to expand his business and have his own store in the future. Narandelger is an open-minded man who possesses excellent managerial skills. He says, "I want to have my own store."
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.