Bayambasuren operates a jewelry-making business in his town. He makes a variety of gold and silver jewelry for his many customers. Bayambasuren started his business in 1998 in a small rented workspace. He has built up a stable operation over the years and has become a skilled jewelry crafter. His business is very important to him and he says, “ I am working hard because I have many mouths to feed.”
Byambasuren hopes to continue his success in the future and hopes to save enough to one day own his own workplace. He is requesting an 850,000 tugrug (~598 USD) loan to purchase jewelry decorating materials for his business.
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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About XacBankThis 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.
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Success!! The loan was 100% repaid