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Batmonh
Batmonh G. is 37 years old and lives with his wife and three children in Hovd province, one of Mongolia's western provinces. His three teenage children are students in a local secondary school. Batmonh does a small business in carpentry with his wife. He is a talented carpenter who makes traditional wooden furniture for locals. His wife sells his furniture at the local market where she rents a stall for the products. Batmonh has been running a small carpentry shop with one assistant since 2004, his assistant being paid according to his contribution on each furniture project. In addition to his furniture-making business, his family also has a small farm with about 20 pigs and five chickens. They sell the eggs from their chickens and plan to sell their pigs during this year’s New Year celebrations when pork prices peak.



Batmonh says that he would like to expand both his furniture business and his small farm, which can be run by his wife. He is requesting a loan to purchase wood and other necessary materials for his 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.



To get regular updates from XacBank, please join our lending team: http://www.kiva.org/team/xacbank_mongolia

To lend to more Mongolian borrowers, please click here:http://www.kiva.org/app.php?page=businesses&queryString=Mongolia&status=fundRaising&gender=All§ors[]=All®ions[]=All&sortBy=Expiring+Soon

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
  • 1,432.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,400 helped Batmonh to purchase wood and other necessary materials for his business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 17, 2009
Listed
Nov 26, 2009
Currency Exchange Loss:
Possible
Ended:
Jan 15, 2011