Mr. Nyamgal is 41 years old and lives with his wife and 2 children in Ger in the Baganuur district of Ulaanbaatar, Mongolia. His wife Bolormaa works at a local company. His daughter Buyanzaya, age 9, and son Buyandelger, age 7, both go to local primary school. Mr. Nyamgal has been running a traditional boot manufacturing business at home since 2009. He is requesting a loan of 550,000 MNT to purchase authentic leather from a manufacturer at a lower price. He is a hardworking, diligent and welcoming man.
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.