Tsonhio M. is a 51-year-old widower who lives with his three children in Uvs province in western Mongolia. He and his family live together in a ger -- a traditional Mongolian nomadic tent.
Besides operating a dairy products trade business, Tsonhio manages a small food shop near his home. He sells a variety of food products to customers in his neighborhood. Tsonhio started his business in 2000. He also grows crops on a 2-hectare plot of land and produces flour for selling.
Tsonhio has found success in his operations and his shop is well established in his community. As a single father, he is a very caring person who is responsible for his children's future. Tsonhio has gained much business experience over the years and is currently planning to expand his business by managing a meat retailing business as well. He is requesting a 1,000,000 Mongolian tugriks loan to purchase more dairy products and meat in order to expand his business line.
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.