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Tsul-Erdene
Tsul-Erdene is 27 years old, and lives with his parents aged 66 and 62, who are retired at the moment. They live in a private house in a ger district of Ulaanbaatar, the capital city of Mongolia. Tsul-Erdene is not married. He started a construction and decoration business and a taxi service business in 2007 and is still running them. The ger district is not connected with social heating systems in Ulaanbaatar city, where the cold weather reaches minus 40 degrees at its peak. To fight the coldest weather, Tsul-Erdene is planning to purchase a gas-stove to heat the house and provide better living conditions. He is requesting a 5,000,000 MNT loan for this. His parents say about their son: "Our son is a honest and responsible person ... we always support him with our hearts."

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

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,337.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $3,750 helped Tsul-Erdene to purchase a gas-stove to heat the house and provide better living conditions.
89% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 6, 2012
Listed
Jul 17, 2012
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2014