B. Surenjargal is 37 years old and lives with her husband and four children in Zavkhan province in western Mongolia. She and her family live in a ger, which is a traditional Mongolian nomadic housing tent. All four of her children, three sons and a daughter, currently attend a local secondary school and her husband manages a local transportation service. Surenjargal has operated a meat trading business in her town for the last nine years. She provides a variety of locally-raised meats to her many customers. Since starting, Surenjargal has built a stable business and has continually grown her customer base. She hopes to continue her success in the future and says, “ I am working hard to feed my family.” She is requesting a 2,500,000-tugrug loan to purchase meat to sell in her 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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