Tsolmontsog is 33 years old and lives with his wife and son in Uvs province, Mongolia. He and his family live together in a ger, the Mongolian nomadic tent. His wife, Amarjargal, is a music teacher in a local secondary school and her salary is 220,000 tugrugs (~ 155 USD).
Tsolmontsog operates a transportation business in his home province, and transports customers between Uvs province and Ulaanbaatar, the capital city of Mongolia. Tsolmontsog has been operating his business since 2003, and has been trading products from Ereen, a Chinese border city, for the local customers. He has been planning to work hard and purchase a new micro bus for his business in the future.
Tsolmontsog is a friendly person who has great communication skills. He says, “I would like to purchase a brand new micro bus so I will have a total of three micro buses for my transportation business. ” Tsolmontsog is requesting a 2,000,000 tugrug loan to purchase more inventory from Ereen and resell them for a profit.
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.