Togmid is a 45-year-old man who lives with his wife and three children in Bayanhongor province in Southern Mongolia. His youngest child goes to kindergarten.
Togmid started selling secondhand shoes in 2004, and his wife assists him in the business. He has been planning to increase the types of the products he sells. When he is in town, Togmid also runs a taxi service, which he has been doing since 2010.
Togmid is a hardworking and open man who says that he would like to expand his business activities by purchasing shoes and other supplies in large quantities. The total amount he is requesting is 3,000,000 MNT to buy shoes for sale.
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.