A loan of $175 helped to purchase food for their growing café.

Zagdzesem's story

Zagdzesem is 44 years old and lives with his wife and five children in the Uvurkhangai province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. All of his children, ages 18 to 9, attend a local secondary school while Zagdzesem operates a café and welding business with the help of his wife. His wife is the café cook and manager while Zagdzesem is responsible for the welding business. They used to sell meals door-to-door, but as they grew successful, they were able to purchase a shipping container where they now make their meals and sell them. In order to supplement their income, Zagdzesem also builds homes in the summer months. The family also has approximately 50 heads of livestock which they care for and use. He says, “My wife and I work hard to grow our businesses in order to be able to afford our children’s education.” Zagdzesem is requesting a 250,000 tugrug (~170 USD) loan in order to purchase food for their growing café 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.

To get regular updates from XacBank, please join our lending team: http://www.kiva.org/team/xacbank_mongolia

Loan details

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Loan details