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Byamba C. is 40 years old and lives with his wife and two children in the Uvurhangai province of central Mongolia. His daughter and son, 13 and 11, respectively, both attend a local secondary school, while his wife helps C. with the family clothing retail business. Currently, he rents space in a large market, but he is in the process of building their own retail space and should be finished by the end of the year. C. purchases clothing from China and resells it at his shop for a profit. He also operates a transportation business. C. is requesting a 4,000,000 tugrug (approx. 2,780 USD) loan in order to purchase a large amount of winter clothing from China so that he can keep growing his clothing retail business.

C. is shown by his truck in the picture above.

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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Additional Information

About XacBank

This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,424.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,825 helped Byamba to purchase a large amount of winter clothing from China so that he can keep growing his clothing retail business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 12, 2009
Nov 11, 2009
Currency Exchange Loss:
Dec 20, 2011