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Aimshiggui
B. Aimshiggui is 32 years old and lives with his wife and sons in Uvurkhangai province in central Mongolia. He and his family live in a traditional Mongolian nomadic housing tent called a "ger". His oldest two sons currently attend a local secondary school and his youngest hasn't yet reached school age.

Aimshiggui operates a second-hand clothing business in his town. He purchases second-hand clothing items from Ulaanbaatar, Mongolia's largest city and capital, twice a month and transports them back to his province to sell. Aimshiggui started his business in 2002 by selling a variety of second-hand clothing items. He has successfully grown his business over the years and has gained much business experience.

Today, his business continues to grow quickly and he now only sells women's clothing and shoes, which are his most demanded and profitable items. Aimshiggui hopes to continue to maintain his business successfully. He says, "I want to save enough money to support my children's education." He is requesting a 4,000,000 tugrug (~2814 USD) loan to purchase second-hand clothing 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.

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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
  • 1,460.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,750 helped Aimshiggui to purchase second-hand clothing for his business.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 9, 2009
Listed
Dec 6, 2009
Currency Exchange Loss:
Possible
Ended:
Sep 15, 2010