Tsendee D. is 41 years-old and lives with his wife and four children in Uvs province in western Mongolia. His three children attend a local middle school and his wife works as a typist in the local Meteorology Office.
Tsendee operates a coal selling business in his town. He purchases coal directly from local mines in the winter time and transports it between towns. Tsendee has operated this business since 1990 and has gained much experience over the years. He has a large customer base with many loyal clients and he plans to purchase an economical car to keep up with the growing demand.
He also operates a meat trading business in order to further improve his quality of life. He said, “the old Russian trucks are very outdated. People with newer, larger, fuel efficient trucks have higher earnings than I. My wish is to have one of these trucks.” Tsendee is requesting a 4,000,000 MNT loan to purchase sheep and sell them in Darhan, the third largest city in Mongolia.
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.