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Chultem has run a taxi business since 2005 and has gained a lot of experience in the last four years. He is a 45-year-old humble hardworking man, who lives with his family in Arkhangai province in central Mongolia. His two older children are university students and the youngest attends a secondary school.

His business has been quite successful, as Chultem has increased his working capital from 100,000 tugrugs (~70 USD) to 800,000 tugrugs (~560 USD). The success of his business brings him profits that have enabled him to pay his childrens' university tuition fees. His wife takes care of their livestock which provide for their family's dairy and meat needs. Chultem says, "My dream is to see my children educated and having a quality life." He is requesting a 2,000,000 tugrug (~1,380 USD) loan to purchase spare parts to repair his car.

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
  • 10
    View loans »
    Mongolia Loans Fundraising
  • $15,437,650
    Funds lent in using Kiva
  • 1,414.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,425 helped Chultem to purchase spare parts to repair his car.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Aug 21, 2009
Sep 5, 2009
Currency Exchange Loss:
Sep 15, 2010