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Bayanjargal, 31, lives with his wife and three children, all of whom attend school, in a ger (Mongolian yurt) in Hovd Province, Mongolia. His wife helps with his business, a wool-felting enterprise which he started earlier this year that produces handmade felt products such as slippers and boots.

Because his felting machine is old and very slow, in order to meet customer demand he is requesting 700,000 MNT to buy a new one.

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
  • 5
    View loans »
    Mongolia Loans Fundraising
  • $15,397,050
    Funds lent in using Kiva
  • 1,335.0
    Mongolia Tugriks (MNT) = $1 USD