A loan of $700 helped to purchase more firewood to sell.

Altangerel's story

Altangerel is 54 years old and lives with his wife and two children in the Arkhangai province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His daughter, 23, attends university and his son, 17, attends a local secondary school. Altangerel operates a firewood retail business in his town. He began his business in 1990 with working capital of 700,000 tugrugs (about 490 USD) and a truck so that he could haul the firewood to his customers. In the 19 years since he began his business, he has managed to grow his working capital to exceed 1,500,000 tugrugs (about 1050 USD) and has a loyal customer base due to his belief in good customer service. Altangerel says, “Being nice to my customers has been the key to my business success.” He is requesting a 1,000,000 tugrug loan in order to purchase more firewood to sell during the upcoming winter months.

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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