L. Jambaa is 24 years old and lives with her parents in Uvurkhangai province in central Mongolia. She and her family live in a traditional Mongolian nomadic housing tent called a "ger". Jambaa operates a computer and printing services business in her town. She provides a variety of computer services such as document typing and copying as well as large sign and banner printing. She provides some services on-site but mainly takes orders from local residents and businesses and sends them to a company in Ulaanbaatar, the capital city of Mongolia, to be completed. Jambaa started her business in 2009 by renting a stall at a local trading center to conduct her business. Although she doesn't have all of the equipment necessary to print large signs and bannars, her business has grown quickly since she opened earlier this year. She says, "I am planning to expand and improve my business and want to have my own working place in the future so that I can complete all of my services on site." She is requesting a 4,000,000 tugrug (~2800 USD) loan to purchase printing supplies and equipment for 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.
To lend to more Mongolian borrowers, please click here:http://www.kiva.org/app.php?page=businesses&queryString=Mongolia&status=fundRaising&gender=All§ors=All®ions=All&sortBy=Expiring+Soon
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.