A loan of $1,425 helped to purchase materials used in shoe-making.

Shar's story

Shar O. is 38 years old and lives with her husband and three children in Uvs province in western Mongolia. She and her family live in a ger, a traditional Mongolian nomadic tent. Her oldest son and daughter, ages 14 and 11, attend a local secondary school and her youngest son is 1 year old. O. operates a traditional shoe-making business and a grocery business in her town. She produces traditional Buriad and Mongol shoes which she sells at the local market. Her husband is retired and helps her to operate the grocery business.

O. started her shoe-making business in 1990 and has built up a good reputation in her area over the years. She used her savings from making shoes to later start the grocery business. Today, both businesses are operating successfully and provide her family with financial stability. O. hopes to continue to grow her businesses in the future and improve her family's quality of life. She says, "One can achieve success with hard work." She is requesting a 2,000,000 tugrug (~1400 USD) loan to purchase materials used in shoe-making.

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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