C. Togtokhbayar lives with his wife and two daughters in Arhangai province in central Mongolia. He and his family live in a ger, a traditional Mongolian nomadic housing tent. His wife is currently employed at the regional weather-forecasting and science center. His oldest daughter is 12 years old and attends a local secondary school and his youngest is in kindergarten.
Togtokhbayar operates a raw material trading business in his town, dealing in animal skins, primarily sheep and goat skins. He started his business in 1999 with capital of 1,000,000 tugrugs (~700 USD). He has proven to be a successful businessman over the years and is well established in the local business community.
Togtokhbayar manages his business by himself and works hard to increase his earnings. He says, "My main business objective is to supply quality products to my customers." He hopes his continued success will enable him to provide his children with a quality life.
Togtokhbayar is requesting a 4,000,000 tugrug loan to purchase sheep and goat skins to sell in his business.
XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.
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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.