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Odonbaatar
Mr. Odonbaatar is 35 years old and lives with his wife, named Enkhjargal, and two children in a 'ger' district of Ulaanbaatar, the capital city of Mongolia. His wife is unemployed. Their daughter goes to secondary school and their son goes to kindergarten. He built a grocery store that measures 24m² in this spring to start a grocery service. Now he needs the working capital to open the food market. He needs 3,000,000 MNT to purchase the goods for his grocery business. Mr.Odonbaatar's goal is to increase his income and to save money for his children's higher education.

Additional Information

More information about this loan

This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.

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

  • $2,175
    Average annual income
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,337.5
    Mongolia Tugriks (MNT) = $1 USD