Togtohnamsrai is 61 years old and lives alone in a ger in the Chingeltai district of Ulaanbaatar, Mongolia. Her son lives on her plot of land in a separate ger with his wife and child. She and her son Bold, age 34, have worked together since 2001 in a local market selling wooden products. Togtohnamsrai and her son started their business of wooden furniture manufacturing recently and they already built a strong customer base within the area and they produce wooden furniture from customer orders. They have obtained a lot of experience and the business is the main source of income for both her and her son's family.
Togtohnamsrai is now requesting a loan of 4,000,000 MNT to purchase additional inventory to meet customer orders on time in order to increase business income and profit. She and her son are both hardworking and diligent people. She has been a client of Xacbank for about 5 years now and she has been a good client with no delinquent payments.
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.