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Lhamsuren
Lhamsuren G. is 50 years old and lives with his wife and three children in Gobi-Altai province in southwestern Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His oldest daughter graduated from a pharmacy program in 2009 and now works for a popular Mongolian pharmacy chain. His youngest daughter is currently attending university and his youngest son goes to a local secondary school. G. operates a firewood-selling business at a local market in his town, with the help of his wife. He started his business in 2004 with working capital amounting to 300,000 tugrugs (about $210). The business is supported by the entire family and it has grown into a successful operation. Over the years, G. has used his earnings to expand his business and now sells coal in addition to firewood. Today, his working capital exceeds 3,000,000 tugrugs. For the future, G. says, "I would like to expand my business further by growing vegetables to sell." He is requesting a 1,000,000 tugrug loan to purchase more wood and coal 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 Mongolia

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,443.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $700 helped Lhamsuren to purchase more wood and coal for his business.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 8, 2009
Listed
Oct 15, 2009
Currency Exchange Loss:
Possible
Ended:
Sep 15, 2010