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Uuganbayar
A. Uuganbayar is 28 years old and lives with his wife and two young children in Kharhorin, the capital city of the ancient Mongolian empire. He and his family live in a traditional Mongolian housing tent called a "ger". His wife is currently employed as an accountant at a local grocery shop.

Uuganbayar operates a transportation service in his town using his large van. He transports people to and from Kharhorin and Ulaanbaatar, the largest city and capital of Mongolia. Uuganbayar started his business in 2003 after working as a livestock herder for three years. He has found success with his business over the years and has built up a reputation as a good and honest driver. Uuganbayar is focused on continuing to improve his business and provide a good life for his family. He hopes to use his earnings to buy a new house for them. Uuganbayar is requesting a 1,500,000 MNT loan to purchase a new motor and heating system for his van. The picture shows Uuganbayar with his youngest child.


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
  • 1,445.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,050 helped Uuganbayar to purchase a new motor and heating system for his van.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 30, 2009
Listed
Nov 27, 2009
Currency Exchange Loss:
Possible
Ended:
Apr 16, 2011