Damiran N., age 51, lives with his wife and four sons, whose ages range from 21 to 28, in their own traditional housing tent called a ger in Uvs province, western Mongolia. All of his sons help him out with his business. The youngest son is a student while his wife works as a saleswoman in their town.
He began his food retailing business in 2006 and it is now considered the biggest store in his local area. His wife is responsible for managing the food store while Damiran operates a transportation business in his town. His personality is not so polite, but he seems to be good at calculating and estimating and is a responsible person.
He wants to expand his own food store and manage it sustainably. Damiran is requesting a 4,000,000 Mongolian tugriks loan to purchase food products at wholesale prices from Tashkent, the border city of China, in order to increase his business line.
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.