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Tumendemberel
Tumendemberel is 60 years old. He is divorced and lives alone in a ger, a national yurt, in Zavhan province. He started a furniture producing business with his son-in-law in 2007. He produces wooden furniture, frames for a ger, wooden paste boards, doors and cabers (yurt poles). His monthly profit is approximately 200,000-300,000 MNT.

Tumendemberel needs to warm his work space. His business stops in the winter time because it's too cold. He requests a 2,000,000 MNT loan to buy the insulation for his work place and also boards and paint for his business. His next plan is to have some savings. Although Tumendemberel is an old man, he is a very hard-working man.

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 Mongolia

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,355.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Tumendemberel insulate his workshop and buy and materials for his furniture business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 10, 2012
Listed
Aug 26, 2012
Currency Exchange Loss:
Possible
Ended:
May 17, 2013