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Galhuu is 44 years old and lives with his wife and two sons in the Uvs province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. Both of his sons, 17 and 10, attend a local secondary school while Galhuu and his wife operate a raw materials business. He sells goat and sheep skins, which he purchases from the countryside and transports to Ulaanbaatar, the capital city of Mongolia. He began his business in 2000, and since then he has developed relationships with customers and suppliers that he trusts. He says, “Hard work is the one thing that makes a person’s life better.” Galhuu is requesting a 3,500,000 tugrug loan in order to purchase more skins so that he can increase his sales and profits.

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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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
  • 1,437.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,450 helped Galhuu to purchase more skins and raw material.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Nov 3, 2009
Nov 22, 2009
Currency Exchange Loss:
Apr 15, 2010