N. is a 55 year old widow who lives in the Govi-Altai province of Mongolia. All three of her children are grown and live on their own. N. lives in a ger, a traditional Mongolian nomadic tent, and operates a hairdressing salon in her town.
N. graduated from a hairdressing school in 1972 and, since then, has been working as a hairdresser. She has taken out loans from XacBank five times in the past and has proven herself to be a trustworthy customer who always repays on time and in full.
N. is requesting a 2,500,000 tugrug loan in order to replace the styling tools and equipment used in her salon.
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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