Tsedevdorj is 25 years old and lives with his children and wife in a ger (a Mongolian yurt) in Ulaanbaatar City, Mongolia. His older son is 8 years old, a elementary school student and other son is 3 years old. His wife runs a small shop.
He started his business in 2006 by driving a taxi. He purchased his car by paying 16,000 MNT per day from April 2010 to March 2011. He is planning to expand his business. He is a diligent and hardworking man who says "I took a loan of 1,200,000 MNT and used it for the right purpose." He knows how to manage the loan and pay on time. He is requesting a 2,000,000 MNT loan to buy construction materials to build a garage at his home.
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.