Tsogtbaatar, 40, is married and lives with his wife and three sons in Ulaanbaatar, the capital of Mongolia. They live in a house on a small plot of land that they own. His oldest son attends a college and their second son goes to a local secondary school while the youngest son goes to kindergarten.
Tsogtbaatar lived in Japan for a few years and began making felt souvenirs and other items when he came back to Mongolia five years ago. He owns a building which he rents out for 400,000 MNT monthly to other business operators. His wife helps him to operate his business and that makes his business more family-based. They export their feltcraft items to Russia.
Tsogtbaatar is a hardworking and initiative person who says, "I want to share with my community my business experience which I have gained so far in order make a contribution to the development of my country." He is requesting a loan of 3,000,000 MNT to purchase a stitching machine and materials for his feltcraft 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.