Naranhuu is a 49-year-old man who lives with his wife and a son in Western Mongolia. His wife is unemployed, and the son studies at the local secondary school.
He started his plumbing business in 2004. Over the years, he gained many customers. His work is very much appreciated among his customers. Now that demand for his services is increasing, he needs new efficient tools and raw materials.
He is a sharp and hardworking man who says, "I am glad that my business is picking up. However, I need some support in order to meet my demand." He is requesting 1,000,000 Mongolian tugriks (MNT) to buy plumbing materials.
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.