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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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Additional Information

About XacBank

This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,459.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,250 helped Gantsetseg to purchase necessary ingredients and supplies.
100% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
Nov 27, 2009
Dec 9, 2009
Currency Exchange Loss:
Oct 15, 2010