N. Erdenetsetseg is 40 years old and lives with her husband and two children in Zavkhan province, Mongolia. She and her family live in a ger, which is a traditional Mongolian housing tent. Her oldest daughter is a university student and her youngest attends a local secondary school. Her husband works as a driver and operates a small transportation service. Erdenetsetseg operates a vegetable trading business in her town. She has a 0.4-hectare field where she grows her vegetables. Erdenetsetseg started her vegetable business in 2000 and has built a stable operation over the years. She has become an experienced vegetable grower and has a loyal base of customers that like her quality vegetables. Erdenetsetseg is working hard to continue her success in the future and hopes to expand. Her wish is to expand her field to one hectare so she can increase her output. She says, “Growing my business is important because I want to save money for my children's future.” Erdenetsetseg is requesting a 2,000,000-tugrug loan to purchase extra vegetables 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.
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