Total loan: $1,425
Tuv, Töv, Mongolia / Manufacturing
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Enkhbold's loan finished fundraising,
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A loan helped To purchase more scrap metal, welding materials and cement blocks for his business.
Enkhbold D. is 27 years old and lives with his wife and two children in the Tuv province of central Mongolia. His daughter, 6, attends a local primary school and his son, 2, stays at home. D. operates a stove and scrap-metal business in his town. He began as a scrap-metal purchaser in 2004 and since then, has expanded his business by also building stoves. D.’s wife purchases scrap metal from people in his town and then he transports it to Erdenet city to sell to the recycling plant. They operate their scrap-metal business from land next to their house, where his wife purchases the metal. D. operates the stove building/welding side of their business from a shop downtown. He wants to be able to afford an apartment for his family one day where they will be more comfortable. D. is requesting a 2,000,000 tugrug loan in order to be able to purchase more scrap metal, welding materials and cement blocks for his 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. To get regular updates from XacBank, please join our lending team. To lend to more Mongolian borrowers, please click here.