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Lhagvasuren T., 26, lives with his wife and two children in an apartment in Uvs Province in western Mongolia. His son currently attends a local primary school, while his daughter is yet too young to go to kindergarten.

While his wife works as a dentist in town, Lhagvasuren operates a food-selling business which he purchased In 2009 with 20 million MNT. His commodity balance is now 15 million MNT, and he also plants seabuckthorn trees to sell, profits from which have allowed him to purchase a car.

Over the years Lhagvasuren has worked hard to build a stable business operation and has gained much experience. His business is very important to him and his family. He says, "I really want to expand my business and open a big wholesaling center in my town and am trying my best to achieve the goal. Plus, my only wish is to provide a good education for my children and to help them become good people. My wife and I are putting money in my children's savings."

Very hardworking and not easily discouraged, Lhagvasuren is a good and reliable client of XacBank and is now requesting a 3,500,000 MNT loan to purchase more foods such as pastries, cookies, candy, fruit, flour and rice to sell in the business.

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
  • 11
    View loans »
    Mongolia Loans Fundraising
  • $15,448,550
    Funds lent in using Kiva
  • 1,377.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,550 helped Lhagvasuren to purchase inventory for his store.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Jun 14, 2010
Jun 18, 2010
Currency Exchange Loss:
Feb 16, 2011