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| XacBank Launches Partnership with Kiva
ULAANBAATAR (July 6, 2009) -- XacBank, Mongolia’s largest microfinance institution recently launched its partnership with Kiva, the world’s first person-to-person micro-lending website. XacBank’s clients are now featured on Kiva.org, and individual lenders from around the world can make small loans of $25 over the Internet to micro entrepreneurs in Mongolia. These small loans help businesses such as butcher shops, furniture stores and beauty salons to succeed while enabling hardworking Mongolians to provide food and education for their families.
The Kiva partnership provides XacBank an additional source of debt capital at 0% interest from the online community, enabling XacBank to expand its microloan capacity and return a portion of the interest back to the borrower at the end of the loan term.
Thus far, almost 9,000 lenders from 71 different countries (even Antarctica!) have made loans to 362 XacBank clients. Kimberly Fitzmorgan, a recent transplant to Mongolia working at Steppe Riders, leads the lending with 100 loans to Mongolian entrepreneurs thus far. In addition, UMO, a local car rental company in Ulaanbaatar, has made significant contributions to borrowers in Mongolia, Kenya, Peru and several other countries.
“XacBank was selected as a partner due to its incredible reputation in the microfinance industry,” said Jenny Boyd, the Kiva Microfinance Partnership Manager for Central Asia and Eastern Europe.
Munhmandah O., Microfinance Manager at XacBank, manages the Kiva project and has targeted five core XacBank branches to receive the first set of Kiva loans. XacBank has a $1,000,000 outstanding credit limit with Kiva and will soon expand the Kiva loan product to additional XacBank branches. XacBank has a five star rating on Kiva.org, which indicates low risk and high likelihood of repayments.
To get involved with the Kiva project at XacBank, please visit the Kiva website at www.kiva.org and register as a lender to make your first $25 loan to a Mongolian borrower, or contact XacBank at bank@xacbank.mn This e-mail address is being protected from spambots. You need JavaScript enabled to view it for more information on its microloan products.
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