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Norov
Norov is a 39-year-old man who lives with his wife and two children in a ger (Mongolian yurt) in Dornigovi province, Mongolia. His children go to secondary schools. His wife is a shop assistant. Norov is van driver and works for a local service provider. He also runs a taxi service with his own car. He operates his taxi business every weekend and when he is on vacation. He started his taxi business in 2009. His monthly income is around 250,000 MNT; he makes 15,000-20,000 MNT a day. Due to the unpaved roads in the countryside of Mongolia, his car has been broken and needs to be repaired. He is a good-natured and hardworking man. He said, "It's been terrible since my car broke down because I'm the main provider for my family. My elder daughter will soon go to college, and she needs my support more than ever." The total amount he is requesting is 1,400,000 MNT. He will spend 250,000 MNT to purchase four tires. He will use the rest of the loan amount of purchase a weather cloth cover and felt roof for his ger, which will protect his family from cold and rain.

Additional Information

More information about this loan

This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,310.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,075 helped Norov to purchase four tires for his car, and a weather cloth cover and felt roof for his ger.
96% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 29, 2012
Listed
Jun 14, 2012
Currency Exchange Loss:
Possible
Ended:
Sep 17, 2013