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Tserenbat M., a 22-year-old single man, lives in a ger, a traditional Mongolian tent home, in Arkhangai province in central Mongolia. A very hard-working young man, he operates an auto spare-parts trading business in his town which he began in 2000 in partnership with his father with capital of 300,000 tugrugs ($210 USD) . After years of success and growth, Tserenbat went off on his own in 2008, and today, his working capital exceeds 1,500,000 tugrugs ($1,050 USD). From his business profits he bought a car, and he is now working hard to further grow his business.

As auto parts make up a large portion of his sales, Tserenbat hopes to take advantage of the rapidly-growing number of Mongolians who own cars. He is requesting a 2,500,000 tugrug ($1,750 USD) loan to purchase more machinery parts for his business. His dream is to one day own his auto parts store.

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

  • $2,175
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,307,900
    Funds lent in using Kiva
  • 1,417.0
    Mongolia Tugriks (MNT) = $1 USD