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Total loan: $2,825
Uvurhangai, Övörkhangai, Mongolia / Transportation
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Sodnompil's loan finished fundraising,
but these similar borrowers just need a little more help to reach their goals!
A loan helped To purchase repair parts and upgrade his microbus for winter.
Sodnompil B. is 22 years old and lives with his parents in the Uvurhangai province of central Mongolia. He and his parents live together in a ger, a traditional Mongolian nomadic tent. B. operates his own taxi service. He began working for another taxi service in 2005 as a shift driver and since then he has been able to purchase his own microbus and begin his own business. Eventually, he would like to trade-in his microbus for a larger bus so that he can take on more passengers and bring in more money. B. is a young man who is not afraid of hard work and long hours in order to improve both his and his parents’ lives. He is requesting a 4,000,000 tugrug loan in order to purchase repair parts and upgrade his microbus for winter. 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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