100%

funded

Total loan: $350

Damdinsuren

Flag of Mongolia
Govi-Altai, Govi-Altai, Mongolia / Retail

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A loan helped To purchase coal for his firewood business.


Damdinsuren's story

Damdinsuren B. is 46 years old. He lives with his wife and three children in Gobi-Altai Province, Mongolia. He and his family live in a "ger," a yurt or traditional Mongolian nomadic tent. His oldest daughter has finished school and is working, his son is serving in the Mongolian army, and his youngest daughter is a secondary school student. B. sells firewood and operates a taxi service in his town with the help of his wife. He drives a taxi and his wife is responsible for selling firewood. B. started his firewood business in 2004 with a loan of 200,000 tugrugs (~$140 USD) from Xacbank, a Mongolian microfinance institution and Kiva field partner. After succeeding in the firewood business, Bassandorj used his savings to purchase a car and start his taxi service. Today, he is working hard to continue his success for the future and says, “I would like to have my own workplace where I can sell my firewood.” He is requesting a loan of 500,000 tugrug ($350 USD) loan to purchase coal to expand his firewood 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: XacBank-Mongolia Lending Team. To lend to more Mongolian borrowers, please click here: Mongolian Borrowers on Kiva.