B. is 28 years old and lives with his wife and 3-year-old son in the Bayanzurkh district of Ulaanbaatar, the capital city of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent, in a ger district on the outskirts of the city. Together with his wife, B. operates a home goods retail business. They began their business in 2003, and the success of their business has allowed them to build a house where they will be living in the future. B. hopes to build a shop of their own so that they can stop renting operating space. He is requesting a 1,500,000 tugrug loan in order to build a garage by their house and purchase a large amount of home goods to sell in their business.
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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