Tuvshintugs is 30 years old and lives with his wife and three children in a house in Uvs province of Mongolia. His older daughter goes to a local secondary school while younger two are in kindergarten. He manages an eyewear trading business with the help of his wife in their town.
Tuvshintugs started his business at a rented stall at a local market in 2008. Now they sell variety of eyewear for all ages. In addition he works as a welder in order to supplement his earnings. The eyewear business is the only source of income for their family. So they work hard to expand their business. Now their working capital exceeds 3,000,000 MNT. Tuvshintugs is a hardworking man who says, "One has to be healthy to live happy." He is requesting a 1,500,000 MNT loan to purchase more goods for 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.