Batsuren is 28 years old and lives with her husband and 5-year-old daughter in the Arkhangai province of Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her husband is an inspector at the bank of Mongolia, and Batsuren owns a retail clothing business in her town. She began her business in 2007 with working capital of 1,000,000 tugrugs and now her working capital exceeds 2,800,000 tugrugs. Because of her business success, she has been able to improve her family’s finances and improve their quality of life. Batsuren would like to eventually own her own shop and expand her clothing offerings for her customers. She is requesting a 4,000,000 tugrug loan in order to purchase more clothes and begin the expansion of her 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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