Mr. Tsedendamba is 52 years old and lives with his wife and a daughter in a ger in the Bayanhongor province of Mongolia. His wife, Buyantsetseg, herds livestock in the countryside. His daughter, Tsetsegdelger, is 25 years old and works as a saleswoman in his retail clothing store in a rental stall at a local market.
Tsedendamba has been running his retail clothing business with his daughter since 2010. They already have regular clients and are now requesting a loan of 2,000,000 MNT to purchase seasonal clothes from China to sell from their rental stall. Tsedendamba and his daughter are hardworking and enthusiastic people.
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.