A loan of $1,250 helped to purchase necessary ingredients and supplies.


Gantsetseg's story

Gantsetseg G. is 40 years old and lives with her husband and two daughters in Uvs province, one of Mongolia's western provinces. Her two daughters are 5 and 15 years old and go to local secondary schools. Gantsetseg runs a small food cafeteria in the town. She has been running her cafeteria since 1999 and it is located in the busy area of the local black market. Her cafeteria is quite well-recognized in the black market and she is always busy with her customers. She says that she would like to purchase the real estate in which she operates. Currently, she pays high rent and she would like to own the building to operate more profitably in the future. Gantsetseg requests a loan to purchase necessary ingredients and supplies for her cafeteria 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.
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