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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.

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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
  • 1,456.1
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $700 helped Garamsuren to purchase tools and instruments for his shoe-making business.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Nov 13, 2009
Dec 11, 2009
Currency Exchange Loss:
Sep 15, 2010