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Batbuyan
B. is 28 years old and lives with his wife and 3-year-old son in the Bayanzurkh district of Ulaanbaatar, the capital city of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent, in a ger district on the outskirts of the city. Together with his wife, B. operates a home goods retail business. They began their business in 2003, and the success of their business has allowed them to build a house where they will be living in the future. B. hopes to build a shop of their own so that they can stop renting operating space. He is requesting a 1,500,000 tugrug loan in order to build a garage by their house and purchase a large amount of home goods to sell in their 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 $1,050 helped Batbuyan to build a garage and purchase home goods to sell.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 4, 2009
Listed
Nov 21, 2009
Currency Exchange Loss:
Possible
Ended:
Mar 15, 2010