L. Tuvdenjargal is 44 years old and lives with his wife and two children in Gobi-Altai, Mongolia. They live together in a "ger," which is a yurt or traditional Mongolian nomadic housing tent. His daughters, ages 18 and 14, attend a local secondary school.
Tuvdenjargal makes furniture and other wooden products in his town. He designs and crafts the furniture himself. Tuvdenjargal started his business in 1994 after working as a carpenter for several years. He graduated from college in 1984 as a carpenter and has used his experience to develop a successful business. He produces high quality products and is an experienced craftsman.
Tuvdenjargal is a hardworking businessman and is known for his pleasant personality. He is focused on the future and hopes to continue to improve his business. He says, “I need to save money to support my children's education.” He is requesting a 1,000,000 tugrug ($700 USD) loan to purchase wood 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.