Nanzaddorj is 51 years old and lives with his two children and wife in a ger, Mongolian yurt, in Govisumber province of Mongolia. His wife is retired and taking care of the business.
Nanzaddorj started his business activity in 2007. He operates a grocery trading business. He successfully expanded his business by selling foods as well as also clothes at his shop. He also works as a security guard at the People's party building. During the evening, he is a taxi-driver. Because his shop is located right next to the high school #1, he can sell foods and retail products easily to the market. He is planning to expand his business activity and he is a loyal customer of Xas Bank. He is a diligent man who says "I want to expand my business activity and increase my family income." He is requesting a 2,000,000 MNT loan to open a new vegetable counter.
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.