Tsogtbayar is 22 years old and lives with his brother in a ger (a Mongolian yurt) in Hovd province, Mongolia. His brother is a student. Tsogtbayar started his cell phone repair and sales business in 2009 by renting a counter in the market when he finished his cell phone repair training. He also sells secondhand cell phones. Now that cell phones are becoming more advanced, Tsogtbayar needs to buy some equipment in order to repair these phones. He has already taken training in repairing Smartphones; he only requires the appropriate equipment. Due to his cash shortage, Tsogtbayar is requesting 3,000,000 MNT to buy new cell phones from Ulaanbaatar.
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.