A loan of $1,050 helped to purchase a new motor and heating system for his van.

Uuganbayar's story

A. Uuganbayar is 28 years old and lives with his wife and two young children in Kharhorin, the capital city of the ancient Mongolian empire. He and his family live in a traditional Mongolian housing tent called a "ger". His wife is currently employed as an accountant at a local grocery shop.

Uuganbayar operates a transportation service in his town using his large van. He transports people to and from Kharhorin and Ulaanbaatar, the largest city and capital of Mongolia. Uuganbayar started his business in 2003 after working as a livestock herder for three years. He has found success with his business over the years and has built up a reputation as a good and honest driver. Uuganbayar is focused on continuing to improve his business and provide a good life for his family. He hopes to use his earnings to buy a new house for them. Uuganbayar is requesting a 1,500,000 MNT loan to purchase a new motor and heating system for his van. The picture shows Uuganbayar with his youngest child.

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.

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