Myagmardorj is 57 years old and lives with his wife in Ulaanbaatar, the capital of Mongolia. All of his children are married and he lives with his wife in a rented house on a small plot of land. His wife works for a small clothing making factory and she makes leather coats at home in addition to her job. They have an average standard of living. Myagmardorj has a group of people who make construction parts such as floors and windowsills. He has established his own LLC and is trying to expand it. He has been doing construction work for several years that he has his own customers now. He is a polite and hardworking person who says, " I have bought a house with land and I need to fix it". He is requesting a loan of 2,000,000 MNT to purchase materials for his business.
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.