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Gerelee, 35, is married and lives with his wife and two children in Ulaanbaatar, the capital of Mongolia. His wife works as a nurse at a hospital and his two children attend a local secondary school. They are fortunate to own a home and land as well as maintain a decent standard of living. In 2010 Gerelee opened a grocery store near his home. He purchases food from wholesale stores and sells it at his grocery store which is located on the outskirts of the city. He wants to expand his shop and sell a wider variety of food. Gerelee is an honest and modest person who says "I would like to enlarge my shop and make more money in order to save for my children's future education." He is requesting a loan of 3,000,000 MNT to purchase more food to sell at his shop so that he can increase his working capital.

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
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,432,150
    Funds lent in using Kiva
  • 1,242.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,425 helped Gerelee to purchase food to resell in his shop.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Jan 24, 2011
Feb 8, 2011
Currency Exchange Loss:
Mar 18, 2012