Altin D. is 55 years old and lives with her two children in Bayan-Ulgii Province, Mongolia. She and her family live in a "ger," which is a yurt, or traditional Mongolian nomadic housing tent. Her oldest daughter is 25 years old and helps with the family business, and her youngest, age 21, is a university student.
Altin sells clothing business in her town. She started her business in 2001 after working as a salesperson for a private company. She has made progress with her business over the years and has found success ever since her oldest daughter started helping her after graduating high school. When Altin first started business, times were rough and she was unable to cover her daughter's school tuition fees. However, today, her earnings are stable and her daughter is able to continue her education.
Altin is focused on the future and is working hard to keep up with her fast growing customer base. She is requesting a 3,000,000 tugrug (~$2100 USD) loan to import clothes from China to sell in her 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.
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.