Idersaikhan operates a raw materials trading business in his town. He started selling raw materials in 2007 after trading consumer goods for the previous seven years. Idersaikhan has made quick progress with his raw materials business and has built a good reputation among both his customers and suppliers. His earnings have enabled him to purchase a car for his family, and today his working captial exceeds 4,000,000 tugrugs (~3000 USD).
Idersaikhan is very decent person who works hard to achieve his goals no matter how difficult they might be. He says, "My business goal is to supply quality products to the market." He is requesting a 3,500,000 tugrug (~2500 USD) loan to purchase more raw materials to sell in 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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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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