J. Davaasuren is 46 years old and lives with her husband and son in Arkhangai province in central Mongolia. She and her family live in a ger, or traditional Mongolian nomadic tent. Her son, Gantulga, is 20 years old and a university student. Davaasuren operates a clothes-trading business out of a rented stall in a local market in her town. She runs her business during the day and her husband drives a taxi at night to add to the family's income. Davaasuren started her clothing business in 2003 and has gained much experience over the years. She has used her success to expand her operation and develop many sales channels in her local area. Davaasuren is very hardworking and is always striving to reach her goals. She says, "My main business objective is to supply quality products to the market." She has applied for a 2,000,000 tugrug (~$1,400 USD) loan to import clothes from China 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. To get regular updates from XacBank, please join our lending team.
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.