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Algaa
Algaa is a widower who lives in the Arkhangai province of Mongolia. He lives alone in a ger, a traditional Mongolian nomadic tent, and operates a religious goods retail business in his town. He began his business in 2007 with working capital of 250,000 tugrugs (about $170) and with several years of hard work, he has managed to increase his working capital to exceed 1,200,000 tugrugs (about $840). With the success of his business, he has managed to purchase a car and establish himself in the business community. Algaa is requesting a 1,000,000 tugrug loan in order to purchase a large amount of religious goods for his business.

About XacBank

XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest micro-finance 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

  • $5,900
    Average annual income
  • 5
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,443.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $700 helped Algaa to purchase a large amount of religious goods for his business.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 5, 2009
Listed
Nov 24, 2009
Currency Exchange Loss:
Possible
Ended:
Oct 15, 2010