Tsegmed is 66 years old, lives with his wife in a Han-Uul district, Ulaanbaatar, Mongolia. He has two sons, and they are married. Since 1993 Tsegmed has operated a taxi business and in 2004, he started a handicraft business. His wife helps with his business. He makes boxes for earrings, circlet and accessories from felt. He sells his product in the state department store and other shops. Customers appreciate his products as quality and fashionable. He has been well-experienced and a diligent man. He needs 3,500,000 to purchase some necessary equipments to expand 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.