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Damdinsuren B. is 44 years old and lives with his wife and two children in a house in Ulaanbaatar, the capital city of Mongolia. His two children, 14 and 10 years old, both attend a local secondary school while his wife stays at home. B. sells women’s handbags in the largest Ulaanbaatar market, Narantuul. He began his business in 2000 after working as a geologist for a period of time. He purchases bags from China. B.’s working capital is 2,000,000 tugrugs and he has a healthy business profit of between 20% and 30% of that each month. He is requesting a 2,500,000 tugrug loan in order to purchase more handbags and increase his working capital.

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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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
  • 1,423.2
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,775 helped Damdinsuren to purchase more handbags and increase his working capital.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Oct 23, 2009
Nov 14, 2009
Currency Exchange Loss:
Jun 15, 2010