A loan of $225 helped to purchase more fruit for her business.

Ichinhorol's story

Ichinhorol is a 34-year-old divorced single mother who lives with her parents, younger sister and 5-year-old child in the Khovd province of western Mongolia. They all live in a ger, a traditional Mongolian nomadic tent. Ichinhorol operates a fruit and vegetable business in a stall at the local market. She began her business in 2008 with working capital of 150,000 tugrugs (about 105 USD) and in only one year, her working capital has more than doubled to exceed 300,000 tugrugs (about 210 USD). She is working hard so that she can save enough money to pay for her child’s school fees next year. She says, “I would like to expand my business in the future in order to improve my child’s quality of life.” Ichinhorol is requesting a 300,000 tugrug loan in order to purchase more fruit for her 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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