Turtogtoh is 43 years old and lives with his wife and two daughters in Zavkhan province in western Mongolia. They live in a ger, a traditional Mongolian nomadic housing tent.
Turtogtoh operates a consumer goods trading business with the help of his sister. She lives and works in Tuva Republic and is responsible for selling products at her rented stall at a local market. Turtogtoh imports consumer goods and exports them to Tuva Republic. He sells a variety of household items to the residents of Tuva Republic. He has had developed his business into a stable operation and has established a strong customer base.
In order to expand his business, Turtogtoh began to sell construction materials along with consumer goods. With his business earnings, he has bought a house and some electrical appliances such as a TV, computer, Canon printer, etc. In the future, he wants to have his own working place in Mongolia. He is a very hardworking man and attributes his success to his good accounting skills. He is focused on the future and says, “I want to provide my children with a happy life.” He is requesting a 3,000,000 MNT loan to purchase construction 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.