Tsogtbaatar L. is 44 years old and lives with his wife and two children, ages 19 and 12, in the Songinohairhan district of Ulaanbaatar, the capital city of Mongolia. The family lives in an apartment. Both of his children attend a local secondary school and Tsogtbaatar and his wife operate a clothes-making and repair business out of a rented space at the Bayangol department store. Tsogtbaatar started the business in 2007 after working as a driver at the local transportation business between 2004 and 2007. He is a modest and honest man who says, "I want to continue operating our business at a stable level to provide higher education for my children." He is requesting a 800,000 MNT loan to purchase materials and supplies for his clothes 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.