Y. operates a small cafe in her town, which she started in early 2009. Previously, she worked at her sister's cafe, a noodle factory and a dairy trade business. In these previous jobs, Y. gained much business knowledge and experience in food-related businesses, which enabled her to start her cafe.
Her business has progressed very quickly in its first year of operation and she is already planning to expand her building. Y. is requesting a 1,000,000 MNT loan to purchase a new window and door for her cafe building and coal to heat the building this winter.
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. To get regular updates from XacBank, please join our lending team.
About XacBankThis 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.
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Success!! The loan was 100% repaid