Tsogtbaatar, 45, is married and lives with his wife and two children in Ulaanbaatar, the capital of Mongolia. They live in a house on a small plot of land that they own. They have an average standard of living. His wife is self-employed and his two children attend local secondary school.
He used to work as a driver for a company between 1996 and 2004. Then he started operating his own business. He rents a stall at a local market and operates it as a clothing making and repairing service. He wants to have his own workshop in the future.
He is a hardworking and honest person who says, "I am planning to carry on this business and save money for my children's college studies." He is requesting a loan of 2,000,000 MNT to purchase textiles and materials for 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.