Davaasuren is 49 years old and lives with his wife and 19-year-old daughter in a house in the Arkhangai province of Mongolia. His daughter attends the university while Davaasuren and his wife operate a meat retail business in their town. They began their business in 2000 with working capital of 200,000 tugrugs. They became quite successful and soon began selling their meat products in Ulaanbaatar, the capital city of Mongolia, where they can charge higher prices than in the countryside. He is well known amongst both his customers and suppliers as an intelligent and responsible businessman. Since beginning his business, he has been able to purchase a piece of land and build a house on it for his family. He would eventually like to be able to purchase a truck for his business. Davaasuren is requesting a 2,000,000 tugrug loan to purchase more meat in order to keep expanding his 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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