Tuvshinbat is 26 years old and lives with his daugther and wife in a house in Govisumber province in Mongolia. His wife sells goods at the local market.
Tuvshinbat started his business in 1991 by selling Russian ice cream at the local train station. He followed his mother who was also selling ice cream. He buys Russian ice cream that costs between 100,000 MNT and 120,000 MNT from Ulaanbaatar City and sells it on the train and in the train station. He is well-acquainted with the railway staff members.
Tuvshinbat bought a 6,000,000 MNT house by paying 500,000 MNT each month. He has already paid 4,000,000 MNT for the house. He would like to expand his business. He is requesting a 1,000,000 MNT loan to grow his business and rent a sales stall.
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.