A loan of $550 helped to purchase grocery products and coal to sell.

Tsegmid's story

Tsegmid T. is 22 years old and lives with her mother and two-year-old daughter in Bayanhongor province in central Mongolia. She lives with her family in a ger, a traditional Mongolian nomadic housing tent. With her mother's help, she operates a grocery and firewood business at a small shop in her town.

T. started her business in 2006 with capital of 200,000 MNT. She has made much progress in her first three years of operation and has built a stable business. Her earnings have enabled her to provide for her mother and daughter and improve their quality of life. Today, her working capital exceeds 500,000 MNT. T. hopes to continue to grow her business in the future and provide her daughter with a good life. She is requesting a 750,000 MNT loan to purchase grocery products and coal to sell.

About XacBank

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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