Turmunh is 48 years old and lives with his wife and children in a ger in Tosontsengel province of Mongolia. His wife has a private business and his two children are high school students.
Turmunh started his business in 2006 by making Mongolian traditional shoes and biscuits at his home. He has many years of work and business experience. He is planning to expand his business activity. Turmunh is a diligent and hard working man who says "with the bank loan, I want to expand my business and increase my business income. Also I will need to pay the college tuition fees of my children soon."
He is requesting a 2,000,000 MNT loan to buy raw materials for biscuits and shoes.
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.