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T. is 49 years old and lives with her husband and three children in the Zavhan province of Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her oldest son, 22, works as a coach; her oldest daughter, 20, is a university student; and her youngest daughter, 17, attends a local secondary school. T. and her husband operate a grocery business out of a rented stall at a local market.

She began her business in 1991 with working capital of 100,000 tugrugs (~70 USD), and, since that time, her business has grown steadily and her working capital has now reached 4,600,000 tugrugs (~4050 USD). Not only has her business grown in terms of profits, but she has also managed to rent another grocery stall at another local market so that she can reach more customers. In the future, she plans to open her own grocery shop where she can expand the amount and types of products she sells and expand the amount of customers she attracts. She says, “My wish is to educate my children in order to make them better people.” She is requesting a 4,000,000 tugrug loan in order to purchase seabuckthorn berries and oil from Uvs province.

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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Additional Information

About XacBank

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.

About Mongolia

  • $5,900
    Average annual income
  • 11
    View loans »
    Mongolia Loans Fundraising
  • $15,444,050
    Funds lent in using Kiva
  • 1,424.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,825 helped Sharav to purchase seabuckthorn berries and oil from Uvs province.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Oct 23, 2009
Nov 12, 2009
Currency Exchange Loss:
Sep 15, 2010