Nyamjargal is 31 years old and lives with his wife and son in a ger (Mongolian yurt) in Ulaanbaatar City, Mongolia. Nyamjargal has an undergraduate degree in IT engineering, and he opened an internet cafe business in early 2011. He also works as an IT engineer in a major corporation. His wife runs the business and his son goes to kindergarten. Nyamjargal's internet cafe currently operates ten computers; however, these are not enough to run his business. He is requesting 2,000,000 MNT to buy six additional computers.
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.