A loan of $2,100 helped to keep growing his transportation business.

Baldan's story

T. is 43 years old and lives with his wife and 18 year-old daughter in Arkhangai Province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His wife works as an accountant at Weather Forecasting Center, and his daughter attends a local secondary school, while T. operates a transportation business in town. He started his business in 2005, with working capital of 250,000 tugrugs (~170 USD). Since then, his working capital has grown to exceed 6,000,000 tugrugs (~4200 USD). To supplement his earnings, T. also buys cut timber from the countryside and transports and sells it to the residents of Ulaanbaatar, Mongolia's capital city. He is requesting a 3,000,000 tugrug (~2,100 USD) loan in order to keep growing his transportation business.

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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