Tsogtgerel L. is 39 years old and lives with his wife and two daughters in the Uvurhangai province of Mongolia. He and his family live in a ger, which is a traditional Mongolian housing tent. His two daughters both go to the local secondary school.
Tsogtgerel operates a wooden products trading business at the regional market in his province. He started this business in 1997 and has become very experienced. He purchased a new car and used it as a taxi in 2009. He is a hard-working and diligent person. He hopes to one day establish his own car repair center. Tsogtgerel is requesting a 2,800,000 Mongolian tugrug loan to purchase raw materials used in his wooden products 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.