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E. is 41 years old and lives with his wife and three daughters in the Khovd province of western Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His oldest daughter, 19, attends university and his two younger daughters, 16 and 14, both attend a local secondary school. E. operates both a clothing retail business and a taxi service in his town with the help of his wife. His wife is responsible for the clothing business and E. is responsible for the taxi service. They began their clothing business in 1998 and because of years of successful operation, they were able to purchase a car and begin their taxi service in 2008. He wants to purchase a shipping container in which to expand his clothing business in the future. He says, “All I want is to grow my businesses and maintain them successfully.” E. is requesting a 3,200,000 tugrug (~1620 USD) loan in order to purchase clothing and machine repair parts for both of his businesses.

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
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,459,050
    Funds lent in using Kiva
  • 1,448.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,225 helped Bayaraa to purchase clothing and machine repair parts for both of his businesses.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 4, 2009
Nov 26, 2009
Currency Exchange Loss:
Jan 15, 2011