Chimedtsogzol D. is 55 years old and lives with his wife and two children in Arhangai province in central Mongolia. He and his family live in a ger, a traditional Mongolian nomadic home tent. His oldest son is a student and his daughter attends a secondary school while his wife currently stays at home.
Chimedtsogzol has been operating both an animal husbandry as well as agriculture business with his family's help since 1970. He has gained a lot of experience from running his businesses. In the 30 years of operation, he has been able to provide for his family and to pay his children's tuition fees. For the future, he hopes to expand both his businesses. He is a very hardworking man and says, "my dream is to expand my business so that we can purchase houses for my children in Ulaanbaatar, a capital city of Mongolia" He is requesting a 1,500,000 MNT loan to purchase more livestock in order to expand his 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.