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Tsagaanbandi T. is 30 years old and lives with his wife and three children in the Hovd province, one of Mongolia's western provinces. His three children are ages 5 to 12. Tsagaanbandi and his wife both have small businesses in their respective fields. His wife sells various vegetables at the local food market and Tsagaanbandi does transporting with his truck and small car. He has worked as a truck driver for the last twenty years. After the collapse of the command economy in late 1990, he purchased the truck he used to drive for a company and since then he has been doing business with his own truck. In the winter, he uses his truck to carry coal from countryside to the town for retail. With his profit, he was able to buy a small old car that he now uses as a cab for additional income.

He requests a loan to purchase more coal and more vegetables for his family 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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,459.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,075 helped Tsagaanbandi to purchase more coal and more vegetables.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 23, 2009
Dec 9, 2009
Currency Exchange Loss:
Dec 20, 2011