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Shar
Shar O. is 38 years old and lives with her husband and three children in Uvs province in western Mongolia. She and her family live in a ger, a traditional Mongolian nomadic tent. Her oldest son and daughter, ages 14 and 11, attend a local secondary school and her youngest son is 1 year old. O. operates a traditional shoe-making business and a grocery business in her town. She produces traditional Buriad and Mongol shoes which she sells at the local market. Her husband is retired and helps her to operate the grocery business.



O. started her shoe-making business in 1990 and has built up a good reputation in her area over the years. She used her savings from making shoes to later start the grocery business. Today, both businesses are operating successfully and provide her family with financial stability. O. hopes to continue to grow her businesses in the future and improve her family's quality of life. She says, "One can achieve success with hard work." She is requesting a 2,000,000 tugrug (~1400 USD) loan to purchase materials used in shoe-making.



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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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

  • $2,175
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,419.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,425 helped Shar to purchase materials used in shoe-making.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 27, 2009
Listed
Nov 13, 2009
Currency Exchange Loss:
Possible
Ended:
Mar 24, 2011