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Baldan
T. is 43 years old and lives with his wife and 18 year-old daughter in Arkhangai Province of Mongolia. He and his family live in a ger, a traditional Mongolian nomadic tent. His wife works as an accountant at Weather Forecasting Center, and his daughter attends a local secondary school, while T. operates a transportation business in town. He started his business in 2005, with working capital of 250,000 tugrugs (~170 USD). Since then, his working capital has grown to exceed 6,000,000 tugrugs (~4200 USD). To supplement his earnings, T. also buys cut timber from the countryside and transports and sells it to the residents of Ulaanbaatar, Mongolia's capital city. He is requesting a 3,000,000 tugrug (~2,100 USD) loan in order to keep growing his transportation business.

About XacBank
XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.

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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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,437.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,100 helped Baldan to keep growing his transportation business.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 3, 2009
Listed
Nov 24, 2009
Currency Exchange Loss:
Possible
Ended:
Sep 15, 2010