Tsedendamba C. is 63 years old and lives with his wife in Bayanhongor province in central Mongolia. He and his family live in a ger, which is a traditional Mongolian housing tent. He and his wife are retired, however, they are still capable of managing their own small business.
In 1995, the couple began their business with a slight amount of working capital, and since then the two have made a lot of progress in the business. Now they sell the products at their own store.
All of his four children live separately. Tsedendamba is a very hardworking entrepreneur and has very good character. He is focused on operating his business sustainably. Tsedendamba is proud that all his children have already established businesses of their own, so Tsedendamba and his wife can operate their food retail business for themselves only. He is requesting a 3,000,000 MNT loan to increase his working capital for his current 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.