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Gonchigsuren E. attended a felt souvenirs training seminar with three friends in 2005, and they decided to begin their own business. Most of her products are sold to foreign tourists, but some are bought by local Mongolians. Since then, her business has grown steadily and her working capital has increased from 200,000 tugriks (~ $140 US) to 2,300,000 tugriks (~ $1,614 US). She credits her business success to her hard work and good customer service. She is requesting a 2,300,000 tugrik loan in order to purchase more wool felt and to increase her working capital to prepare for next year’s tourist season.

E. is 41 years old and lives with her 10-year-old daughter in the Arhangai province of central Mongolia. She and her daughter live together, and her daughter attends a local secondary school. Because of her business success, E. was able to purchase a house with a yard where she can raise her daughter in relative comfort.

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 $1,625 helped Gonchigsuren to purchase more wool felt.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Oct 23, 2009
Nov 10, 2009
Currency Exchange Loss:
Nov 15, 2010