Purevsuren has been running a small meat retail stall in the local food market for the last nine years. She usually purchases mutton and beef at wholesale prices and sells in small pieces to local customers. She says that she is very experienced in the business and has her own loyal customers who always purchase their meat supply from her.
The business has been stabilized and she further notes that she is still working hard to make sure that she will be able to make enough money to pay her daughter's tuition.
She requests a loan to purchase more meat for her business.
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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