A loan of $2,125 helped to purchase grocery products to sell at her business.

Tsembel's story

Tsembel M. is 53 years old and lives with her husband and two daughters in a small house in Uvurkhangai province in central Mongolia. Both of her daughters, Huyagmaa and Mungunhuyag, are university students. M. operates a small grocery business, where she sells a variety of food products at the local market. M. started her business in 2000, and has built a stable operation over the years. Her earnings have created financial stability for her family and have enabled her to buy land and build a new house. M. is a very hardworking businesswoman and is known for her good character. She says, "My one goal is to increase my earnings so that I can provide a good education for my children." She is requesting a 4,000,000 tugrug loan (~2800 USD) to purchase grocery products to sell at her business.

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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