Nyamtuya is 49 years old and lives with his wife and two children in a 'ger' (Mongolian yurt) in Ulaanbaatar city, Mongolia. His wife helps with the business and his elder child is employed while the younger one is a school student. He started his shoe retailing business in 2004 by renting a counter in Mongolia's biggest market. Over the years he gained many trusted suppliers and regular customers. He knows exactly what his customers want. He is a sharp and hardworking man who says, "Now that my children are old enough, it is time for me to concentrate on my business." He rented another counter in the market and he needs 3,000,000 MNT to buy more inventory.
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.