H. Chultemdorj is 47 years old and lives with her husband and two children in Govi-Altai province, Mongolia. She and her family live in a ger, a traditional Mongolian nomadic tent. Her husband is a plumber, her eldest child currently serves in the Mongolian military, and her youngest child is a college student.
Chultemdorj operates a small clothing production business in her town. She started her business in 2006 by renting a stall at a local trading center to sell her clothes. She has managed her business quite successfully over the years and plans to expand in the near future. She hopes to soon purchase more sophisticated sewing machines that will allow her to increase the quality of her products. Uranchimeg is requesting a 2,000,000 MNT loan to purchase fabrics and materials to make new clothes for her 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.
To get regular updates from XacBank, please join our lending team.
To lend to more Mongolian borrowers, please click here.
This 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.