Mr. Chuluuntogoo is 37 years old and lives with his wife and 3 children in a house in Uvurhangai province of Mongolia. His wife, Jargalmaa, is 35 and tailors traditional costumes and modern clothing by clients' orders. His 3 children, ages under 14, all attend local schools.
Chuluuntogoo has been providing transportation service business using his old truck since 2008. He has already built close relationships with regular clients, and was pleased by them over the years.
He and his wife are very hardworking and enthusiastic people. He is now requesting loan of 2,600,000 MNT to replace his tires with winter tires for safety, and purchase materials and other inventory items for his wife to tailor and make more clothes.
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.