Sangi manages a consumer goods trading business in his town with the help of his wife. He sells a wide variety of consumer and household goods which are imported from China. S. started his business in 1998 and has built a consistent operation over the years. He has developed a loyal base of customers and works hard to adapt his business to their needs.
Sangi has used his success to make repairs to his home and improve his family's quality of life. He is focused on the future and says, "I want to move my family into an apartment one day.” He also hopes to purchase a car for them. He is requesting a 2,000,000 tugrug loan to purchase more products from China.
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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