Dorjsambuu is 32 years old and lives with his wife and two sons in the Bayanhongor province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His oldest son, 8, attends a local secondary school and his youngest son, 3, attends a local kindergarten. His wife is a salesperson and works at the local market while Dorjsambuu operates a taxi service. He began his taxi business in 2005 and has gained a lot of experience since then. He and his wife are planning on opening a home goods retail business in the local market. He believes that they will be successful since his wife has a lot of experience selling these types of products and because he has experience owning his own business. Dorjsambuu is requesting a 700,000 MNT (~490USD) loan in order to import home goods from China so that they can begin their new 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.