Davaahuu sells various animal skins and hides at the local black market. She purchases sheep, goat, and cattle skins and hides from herder families in the countryside and sell them at the market at a premium. She has been in the business since 1998. Last year, her business was affected by the price drop in the commodities market due to the economic crisis in Mongolia. She says that the business is starting to pick up and the demand for commodities is slowing recovering. Thus, she requests a loan to purchase more animal skins for 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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About XacBankThis 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.
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