A loan of $575 helped to purchase more bags.

Tserendorj's story

Tserendorj B. is 37 years old and lives with his wife and three sons in Uvs province, one of Mongolia's western provinces. His 9- and 11-year-old sons go to a local school and the youngest 1-year-old stays home. Tserendorj has a small retail business with his wife. Tserendorj was a salesman in a flour-selling shop and in 2007, he decided to launch his own retail business in flour and related products. He rents a large container at the local food market, from which he retails bags of flour for locals. He mostly purchases flour from wholesalers and sell it to locals in a small bag. With the business profit, he was able to purchase an old car for his family and his family business. His family is the only source of income for his family. He says that since launching his own business, his family income has improved tremendously and he would like to expand his business as much as he and his wife can.
He requests a loan to purchase more inventory bags of flour for his 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

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Loan details