Togtamurat I. is 48 years old and lives with his wife and five children in the Bayan-Ulgii province in western Mongolia. He has been living with his family in a ger, a traditional Mongolian housing tent for past 12 years. His oldest two sons both operate their own private businesses and his middle son is a university student. His youngest two daughters attend a local school.
Togtamurat and his wife operate a vegetable selling business in their town. He procures his products in the countryside using his own truck while his wife works as a salesperson in the local market selling a variety of vegetables as a retailer. Their stall is located in a popular spot and attracts many customers which has resulted in increasing their sales. They started buying and selling vegetables in 2000 and have since built a stable operation. After years of successful operation, he was able to provide his family with earnings that has enabled him to pay his son's tuition fees. He uses his truck to convey the goods. Togtamurat is a modest man and says, "All I want is to provide a higher education for my two daughters."
He is requesting a 2,500,000 MNT loan in order to increase his working capital for his vegetable trading 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.