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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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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