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B. operates a small boot-making shop in her town with the help of her husband. She worked in a shoe factory for five years and gained much experience and skill in her trade. She specializes in making warm winter boots for herders, so the winter season is especially busy for her. B. started her boot-making business in 2005 and has managed it successfully over the years. She is a very hardworking and open-minded businesswoman and always looks for ways to grow and expand her business. Her success has enabled her to build a house for her family and improve their quality of life.

Zonorov B. is 33 years old and lives with her husband and four children in Hovd province in western Mongolia. Her oldest daughter and son, ages 11 and 9, currently attend a local secondary school. Her youngest two sons are both in kindergarten.

B. has many plans for the future. She hopes to soon expand her production line by producing summer work and dress shoes. She hopes diversifying her products will increase her overall sales and stabilize her income throughout the year. As demand continues to increase for her boots, B. needs to expand her production capacity and purchase new machinery. She hopes that one day she will be able to provide quality boots to customers throughout her province. B. is requesting a 3,000,000 tugrug loan to purchase two shoe-making machines and different types of leather for her shoe-making 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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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
  • 1,427.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,125 helped Zonorov to purchase two shoe-making machines and leather.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 22, 2009
Nov 20, 2009
Currency Exchange Loss:
Oct 26, 2011