Her husband is a construction worker in the summer months, and he helps N. with her business during the winter months. She operates a mobile food business in her town, selling food to office staffs. She began her business in 2000 and is now planning to open a café. N. is requesting a 500,000 tugrug (Mongolian Tugrik - MNT) loan so that she can furnish the room which has been added onto her house recently, and will serve as a café.
XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest micro-finance 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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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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