A loan of $700 helped to purchase tools and instruments for his shoe-making business.

Garamsuren's story

O. Garamsuren is 40 years old and lives with his wife and three sons in Zavkhan province in western Mongolia. He and his family live in a traditional Mongolian housing tent called a "ger". His three boys, ages 13 to 17, all attend a local secondary school.

Garamsuren operates a shoe-making business in his town with the help of his wife. He makes variety of European and traditional Mongolian shoes. Garamsuren started his business in 1995 in a small room which he still rents today. He has built up a stable business over the years and has become an experienced shoe-maker. Today, his business is growing rapidly and he recently hired two more assistants to keep up with demand. For the future, he says, “I hope to one day own my own workplace.” Garamsuren is requesting a 1,000,000 tugrug (~700 USD) loan to purchase tools and instruments for his shoe-making business.

About XacBank

XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest micro-finance 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

To lend to more Mongolian borrowers, please click here:http://www.kiva.org/app.php?page=businesses&queryString=Mongolia&status=fundRaising&gender=All§ors[]=All®ions[]=All&sortBy=Expiring+Soon

Loan details

Lenders and lending teams

Loan details