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Myagmarsuren
Myagmarsuren G. is 30 years old and lives with his wife and three-year-old son in Uvurhangai province of Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent. His son is in a local kindergarten while his wife works as a cook in a local cafe.

Myagmarsuren owns a taxi service in his town. He started his business in 2008 after purchasing his own car. In his town, there is no public transportation service therefore demand for taxi service is high. After a short period of operation, he has expanded his customer base and earned a good reputation among the local people. He has found success in his business and his earnings have enabled him not only to buy a plot of land and fence but also to start building a house for his familyoin it. Moreover, his family's standard of living has been improving greatly.

Myagmarsuren is requesting a 2,500,000 MNT loan to finish construction of his house as well as purchase a necessary spare parts for his taxi.

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 Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Mongolia

  • $2,175
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,310,900
    Funds lent in using Kiva
  • 1,275.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,975 helped Myagmarsuren to finish construction of his house and purchase necessary spare parts.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 11, 2010
Listed
Nov 15, 2010
Currency Exchange Loss:
Possible
Ended:
Dec 20, 2011