Total loan: $2,075


Hovd, Khovd, Mongolia / Retail

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A loan helped to purchase more coal and more vegetables.

Tsagaanbandi's story

Tsagaanbandi T. is 30 years old and lives with his wife and three children in the Hovd province, one of Mongolia's western provinces. His three children are ages 5 to 12. Tsagaanbandi and his wife both have small businesses in their respective fields. His wife sells various vegetables at the local food market and Tsagaanbandi does transporting with his truck and small car. He has worked as a truck driver for the last twenty years. After the collapse of the command economy in late 1990, he purchased the truck he used to drive for a company and since then he has been doing business with his own truck. In the winter, he uses his truck to carry coal from countryside to the town for retail. With his profit, he was able to buy a small old car that he now uses as a cab for additional income.

He requests a loan to purchase more coal and more vegetables for his family businesses. 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