Badarbirvaa B. is 44 years old. She lives with her parents and her seventeen year old son in the Uvurhangai Province of Central Mongolia. The family lives together in a "ger," a yurt or traditional Mongolian nomadic tent.
B. supports the family by operating a sewing business. She wants to eventually turn her small business into a factory with several employees. B. purchases materials for her business 1-2 times per month, depending on her customer’s wants and needs. She is requesting a 3,500,000 tugrug (approx. $2475 USD) loan to purchase a large amount of wholesale materials in order to attract new customers to her business.
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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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.