A loan of $375 helped to furnish the new cafe room.

Duger's story

N. is 47 years old and lives with her husband and two of her four children in a house in the Zavkhan province of Mongolia. Her two older children, ages 22 and 20, live and work in Ulaanbaatar, the capital city of Mongolia. Her third child, who is 18 years old, attends the university, while her youngest child, 8 years old, attends a local secondary school.

Her husband is a construction worker in the summer months, and he helps N. with her business during the winter months. She operates a mobile food business in her town, selling food to office staffs. She began her business in 2000 and is now planning to open a café. N. is requesting a 500,000 tugrug (Mongolian Tugrik - MNT) loan so that she can furnish the room which has been added onto her house recently, and will serve as a café.

XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest micro-finance 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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