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Sergelen
N. Sergelen lives with his wife in a ger, a traditional Mongolian nomadic tent, in Mongolia's capital city of Ulaanbaatar. Sergelen's relatives currently own and operate a company that manufactures covers for gers. His wife works at the company as a seamstress, sewing the covers. Sergelen operates a ger cover selling business at Narantuul, the largest market in UB. He purchases the covers from his family's company and sells them out of a small workspace at the market.. Sergelen started his ger cover business in 2002 and has been successful. Due to the high traffic of the market and his ability to cheaply purchase ger covers from his relative's business, his earnings have been high. For the future, he hopes to one day start his own factory where he can produce his own ger covers to sell. He is requesting a 2,500,000 tugrug (~1760 USD) loan to purchase a car to use for his business.

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 Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Mongolia

  • $2,175
    Average annual income
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,431.7
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,750 helped Sergelen to purchase a car to use for his business.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 7, 2009
Listed
Oct 1, 2009
Currency Exchange Loss:
Possible
Ended:
Feb 16, 2011