Erdenetsogt L. is 25 years old and lives with his wife and two-year-old daughter in Tosontsengel, in the Zavhan province of Mongolia. Erdenetsogt makes different varieties of wooden products and Mongolian "gers", or traditional living tents. In the past, he has made Mongolian gers and sold them to ADRA, an international non-profit organization. In addition to gers, Erdenetsogt also makes wooden tools and souvenirs. With his business profits, he has been able to purchase his own land and house which has increased his family's quality of life and comfort. In the future, he hopes to increase his income and expand his business. Erdenetsogt is a very hard-working, quiet and thoughtful person who hopes to further improve his family's living conditions. He is requesting a 2,000,000 tugrug loan to purchase a car in order to start a taxi service for locals and also to deliver his products to his buyers.
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.