Bayan T. lives with her husband and two children in a house in Ulaanbaatar, the capital city of Mongolia. Her son, age 25, currently attends university and her daughter, age 19, will soon graduate from secondary school. T.'s husband, Nanjil, supports the family by using their car as a taxi.
T. operates a consumer-goods selling business at a local market in the city. Currently her business is good, and she rents two stalls at which she sells her products. Her two children are very supportive and help their family when they can. Her daughter helps her mother at the market in her spare time, and her son carefully raises fish to be sold as pets.
T. works hard to grow her business and hopes to expand in the near future. She is requesting a 4,000,000 tugrug loan to import products from China to sell.
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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