Nyamdorj is 27 years old. He lives with his wife and daughter in a ger, a Mongolian yurt, in the Uvs province of Mongolia. He manages a shoemaking business in his town with the help of his wife. Nyamdorj started this business in 2009 and has gained much experience. Now he makes a variety of Mongolian traditional shoes that sell for 40,000-50,000 MNT per pair. His business is one of the most profitable businesses in his town. With his earnings, Nyamdorj bought a washing machine and a motorcycle for his family. He is a hardworking man who is planning to expand his occupation and open a construction business.
Nyamdorj is requesting a 1,300,000 MNT loan to purchase more 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.