Nyamdorj is 58 years old and lives with his wife in Western Mongolia. His wife is a cleaner at the big market. His children live independently. He has been retailing sacks of coals and livestock. The business is going really well and he plans to expand the business by buying the livestock supplies in large quantities. This kind of business always succeeds in Mongolia as most people use stoves to stay warm and cook besides using meats in their daily lives. Nyamdorj is a diligent man who says that "I want to expand my business by buying the supplies in large amounts so that I can save for my family". The total amount he is requesting is 1,500,000 MNT for the livestock.
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.