Togsjargal is a 49-year-old widow who lives with four of her children in an apartment in the Orhon province of Mongolia. Her daughters Bolortuya, aged 20, and Uuganbayar, aged 18, are university students and her twin sons Otgonbaatar and Otgonjargal, aged 13, go to a local school. Her two older children have graduated from university and live separately with their families.
Togsjargal has been operating a toy store in the local market since 1998. She has many regular customers and imports toys from Erlian in China one or two times a month. She has paid for her children's university tuition and her working capital has decreased a lot, so she needs more investment to run her business smoothly.
She is requesting a loan of 3,500,000 MNT to import more toys in order to run her business smoothly without pause. She is a hardworking, tough and welcoming woman.
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.