Nyamsuren is 24 years old and lives with his wife in a ger (Mongolian tent) in Bayanhongor province, Mongolia. His wife runs a clothes selling business. He started his taxi service business in 2008 with his own taxi. His taxi service income is pretty constant therefore he wants to expand his wife's shop. He is a sharp and hardworking man who says, "We have a baby coming, so I have to do everything I can to increase my income. I don't want my baby to live like me, uneducated, broke". He is requesting 1,100,000 MNT to buy clothes from Erlian for his wife's 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.