A loan of $2,225 helped to purchase clothing and machine repair parts for both of his businesses.

Bayaraa's story

E. is 41 years old and lives with his wife and three daughters in the Khovd province of western Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His oldest daughter, 19, attends university and his two younger daughters, 16 and 14, both attend a local secondary school. E. operates both a clothing retail business and a taxi service in his town with the help of his wife. His wife is responsible for the clothing business and E. is responsible for the taxi service. They began their clothing business in 1998 and because of years of successful operation, they were able to purchase a car and begin their taxi service in 2008. He wants to purchase a shipping container in which to expand his clothing business in the future. He says, “All I want is to grow my businesses and maintain them successfully.” E. is requesting a 3,200,000 tugrug (~1620 USD) loan in order to purchase clothing and machine repair parts for both of his businesses.

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