Baasanjav has managed a small grocery shop in her town since 1996. Over the years she has built up a stable business and gained much experience in her trade. She has a large base of loyal customers and she takes great pride in providing them with good service.
Bassanjav has many plans for her grocery shop and says, “My children are all grown up now so I want to focus on growing my business for the future. She is requesting a 4,000,000 tugrug (~2800USD) loan to purchase food products for her business and to help her son buy a house.
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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