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Tserendorj B. is 37 years old and lives with his wife and three sons in Uvs province, one of Mongolia's western provinces. His 9- and 11-year-old sons go to a local school and the youngest 1-year-old stays home. Tserendorj has a small retail business with his wife. Tserendorj was a salesman in a flour-selling shop and in 2007, he decided to launch his own retail business in flour and related products. He rents a large container at the local food market, from which he retails bags of flour for locals. He mostly purchases flour from wholesalers and sell it to locals in a small bag. With the business profit, he was able to purchase an old car for his family and his family business. His family is the only source of income for his family. He says that since launching his own business, his family income has improved tremendously and he would like to expand his business as much as he and his wife can.
He requests a loan to purchase more inventory bags of flour for his business.

About XacBank
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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Additional Information

About XacBank

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.

About Mongolia

  • $5,900
    Average annual income
  • 11
    View loans »
    Mongolia Loans Fundraising
  • $15,448,550
    Funds lent in using Kiva
  • 1,430.0
    Mongolia Tugriks (MNT) = $1 USD