T. started her business in 2006 with capital of 200,000 MNT. She has made much progress in her first three years of operation and has built a stable business. Her earnings have enabled her to provide for her mother and daughter and improve their quality of life. Today, her working capital exceeds 500,000 MNT. T. hopes to continue to grow her business in the future and provide her daughter with a good life. She is requesting a 750,000 MNT loan to purchase grocery products and coal to sell.
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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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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Success!! The loan was 100% repaid