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Lhagvajav lives with his wife and three children in a house in Darhan-Uul Province, Mongolia. His younger two children go to a local secondary school, while his wife is a cook in Haan Buuz cafe, one of the well-known fast food chains in Mongolia. With the help of his older son, Lhagvajav operates an auto repair and welding service which he started in 2006 in his town. He also used to have a pig farm and a coal-trading business in order to supplement his family earnings. He intends to resume his coal operation.

A hardworking man who has been able to expand his business, today Lhagvajav is one of the most successful businessmen in his town. With his earnings he started to build a house on his plot of land and says, "With the loan received from Xacbank I had an opportunity to finish the construction work of my house. Now I want to have a car to use for my business." He is therefore requesting a 3,000,000 MNT loan to purchase a new car.

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
  • 12
    View loans »
    Mongolia Loans Fundraising
  • $15,444,050
    Funds lent in using Kiva
  • 1,220.0
    Mongolia Tugriks (MNT) = $1 USD