Garamsuren operates a shoe-making business in his town with the help of his wife. He makes variety of European and traditional Mongolian shoes. Garamsuren started his business in 1995 in a small room which he still rents today. He has built up a stable business over the years and has become an experienced shoe-maker. Today, his business is growing rapidly and he recently hired two more assistants to keep up with demand. For the future, he says, “I hope to one day own my own workplace.” Garamsuren is requesting a 1,000,000 tugrug (~700 USD) loan to purchase tools and instruments for his shoe-making business.
XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest micro-finance 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