Total loan: $1,050


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Ulaanbaatar, Ulaanbaatar, Mongolia / Retail

Chagnaadorj's loan finished fundraising,
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A loan helped to purchase saddle wood and other necessary materials.

Chagnaadorj's story

Chagchaadorj Juder is 53 years old and lives with his wife and five children in Ulaanbaatar, the capital city of Mongolia. The oldest daughter of the five children is 17 years old and goes to Gurvan-Erdene University in the city and the other four children are high school students. Chagnaadorj's family moved to the capital city from Arhangai province 6 years ago, in search of a better life for his family and better business for himself. He owns a small old car that he uses as a taxi in the city. He also makes horse saddles from wood. He learned how to make horse saddle from his dad and his children help him in making various size saddles. His wife sells the saddle at the local market. He has been making saddles since 2003 and today it has grown into a family business in which almost all family members contribute in one way or another. He says that he would like to make his family business bigger and secure his children's future. He requests a loan to purchase saddle wood and other necessary materials for his saddle-making business. 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. To get regular updates from XacBank, please join our lending team: http://www.kiva.org/team/xacbank_mongolia To lend to more Mongolian borrowers, please click here:http://www.kiva.org/app.php?page=businesses&queryString=Mongolia&status=fundRaising&gender=All§ors[]=All®ions[]=All&sortBy=Expiring+Soon