Tsogtgerel N. is 45 years old and lives with his wife and four daughters in Uvs province, Mongolia. He and his family live together in their own ger, a traditional Mongolian nomadic housing tent, in a rented yard. All of his daughters attend the local school while his wife is currently unemployed due to health problems. She receives a disability pension of 56,000 MNT per month.
Tsogtgerel works as a carpenter in his home, producing a variety of wood products. He has been engaged in this business for the past ten years and has made quality, unique furnishings for the people of his town. His monthly income is 300,000 MNT approximately. He works hard to expand his business so that he can purchase his own fence in the future. In the 10 years of owning his business, Tsogtgerel has gained much experience and knowledge in making quality furniture products. He is requesting a 1,500,000 MNT loan to buy more timber and an ornament making machine.
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.