Togtohjargal T. is 39 years old and lives with her husband and four children in the Uvs province of western Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. All of her children attend a local middle school while her husband helps with her shoe-making business.
Togtohjargal has been making shoes for many years now; initially, she began the shoe-making business in 1990 and since then, she has been gaining a lot of experience. Her shoes are known and valued by her customers for their quality and design. She employs three people and has purchased a new car and built a bigger workplace with her business revenues.
Togtohjargal would eventually like to expand her little shoe-making shop into a factory employing several people. She is requesting a 3,000,000 Mongolian Tugriks loan to purchase materials such as glue, leather, rubber and tools for her shoe-making 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.