Tsedensodnom M. is a 40-year-old handicapped person who lives with his wife and son in Huvsgul province, western of Mongolia in their own ger--a traditional Mongolian housing tent. His wife sews clothes at their home while his son works for a local road construction company as a carpenter.
Tsedensodnom operates a taxi service between the countryside and the capital of the province. He and his wife started a sewing business in 1996 with the help of his younger sister and they sell their products out of a local trade market. He repairs his car with his transportation earnings and works very hard to provide for his family. He says, “My only wish is to support my son's education and have him become a good person”.
Tsedensodnom is a hard working, creative person who wants to enlarge his business line and always encourages his wife's sewing business. He is requesting a 2,500,000 Mongolian tugrug MNT loan to purchase more fabrics and finishing materials for his famliy 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.