Tsedevsuren D. is 27 years old and lives with his wife and 2-year-old son in Uvurhangai province, central Mongolia. He and his family live in a ger, a traditional Mongolian nomadic housing tent.
Tsedevsuren operates a cellphone sales and repair service from a rented stall at his local market. He started his business in 2006 after completing a cellphone parts and repair training course. He has made much progress over the last year and has built up a strong customer base. Tsedevsuren has gained much experience operating his business and continues to improve his phone repair skills. The success of his business has encouraged him to expand and he dreams of, one day, owning his own repair shop.
He is requesting a 1,900,000 MNT loan to purchase cellphones and cellphone parts to increase his sales.
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.