Uuganbayar operates a transportation service in his town using his large van. He transports people to and from Kharhorin and Ulaanbaatar, the largest city and capital of Mongolia. Uuganbayar started his business in 2003 after working as a livestock herder for three years. He has found success with his business over the years and has built up a reputation as a good and honest driver. Uuganbayar is focused on continuing to improve his business and provide a good life for his family. He hopes to use his earnings to buy a new house for them. Uuganbayar is requesting a 1,500,000 MNT loan to purchase a new motor and heating system for his van. The picture shows Uuganbayar with his youngest child.
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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Success!! The loan was 100% repaid