A loan of $1,400 helped to purchase wood and other necessary materials for his woodworking business.

Chinbat's story

D. is 39 years old and lives with his wife and seven-year-old daughter in the Uvurkhangai province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent, and his daughter attends a local secondary school. With the help of his wife, D. operates a wooden product business in his town. He began his business in 2000 after borrowing his friend’s woodworking tools. In 2005, he received a loan from XacBank, one of the largest banks in Mongolia, in order to purchase his own woodworking tools. Because he has been in business for almost a decade, D. has increased his business experience and his customer base. He is requesting a 2,000,000 tugrug (~1400 USD) loan in order to purchase wood and other necessary materials for his woodworking 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

Lenders and lending teams

Loan details