Ochir operates a small pet shop as well as a taxi service in his town with the help of his wife. His wife is mainly responsible for managing the pet shop where they sell many animals including dogs, cats, and fish, as well as a variety of animal products.
Ochir uses the family car to operate his taxi service. He started operating as a taxi driver in 2005 by transporting people to and from his province and the surrounding provinces. After growing his business, he used his savings to open the pet shop.
Ochir and his wife have many plans for their businesses in the future. They hope to soon expand the rented space in which they now operate the pet shop. Ochir is a very hardworking businessman and is known for his good character.
He says, "I want to have a large pet store in the future." He is requesting a 2,000,000 MNT loan to purchase animals and expand his pet shop.
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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