Togoohuu is 36 years old and lives with his wife and three children in Uvurhangai province, Mongolia. He and his family live together in a traditional Mongolian nomadic housing tent called a 'ger'. They have been living together in their current home for three years. He operates a raw materials trading business with his wife. Togoohuu sells raw materials such as cashmere and leather. He has been operating his business since 1999, and has gained much experience in previous years.
Togoohuu started up his business with a working capital of 1,000,000 tugrugs (~ 705 USD), and he earned a low profit at that time. Since receiving the loan, his profit has increased. He has been planning to grow his business and to build his own cellar. Togoohuu is a very enthusiastic and hard-working person. He says,“I will work hard to expand my business and to improve our family's quality of life”. Togoohuu is requesting a 2,000,000 tugrug (~ 1407 USD) loan to purchase more leather and cashmere 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.