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Erdenebayar N. lives with his wife and two teenage sons in Ovorhangai province, one of Mongolia's central provinces. Erdenebayar had worked for the local army for over a decade. When Mongolia transitioned from the communist regime to the free market economy in 1991, he decided to leave his job and pursue small business for himself.

Today he has a small retail business dealing in unprocessed livestock products such as unprocessed wool, cashmere and animal skins. He purchases these livestock products from herder families in the countryside and sells them at profit at the wholesale markets in the city or sometimes in Ulaanbaatar, the capital city of Mongolia. He has been running this business for the last 18 years and he is very experienced and well-known in the business. His business capital is currently 3,000,000 MNT ($1 USD = 1,450 MNT). He requests a loan to purchase more wool, cashmere, and animal skins from herders.

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
  • 1,418.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,425 helped Erdenebayar to purchase unprocessed wool, cashmere, and leathers.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Jun 11, 2009
Jun 24, 2009
Currency Exchange Loss:
Feb 15, 2010