N. is 31 years old and lives with his wife and two young children in the Hovd province of western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His oldest child attends kindergarten while the youngest one stays home.
N. and his wife operate a retail clothing business in their town. He is responsible for importing the products from China twice a month while his wife is responsible for selling the products in the market. He began his business in 2001 and attributes his success to his good business sense and accounting skills. In order to supplement their earnings, the family also preserves vegetables in the fall and sells them in the spring when prices for such goods rise.
N. is requesting a 1,500,000 tugrug loan in order to purchase more products from China which he can sell in his market.
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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