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Davaasuren
Davaasuren lives with his wife and four children in a small house, in Uvs province, Mongolia. His wife Serjmaa is 39 years old. His oldest son Altantulhuur is 16 years old; his oldest daughter Tsolmongerel is 12 years old; his youngest son Tserentogtoh is 10 years old, and his youngest daughter Otgontsetseg is 3 years old. His three older children are secondary school students. His youngest daughter stays at home.

Davaasuren started to clean carpets in June 2012, with his wife. Now his business has four workmen.

He is planning to expand his customer base, but to do this he needs 1,000,000 MNT to purchase additional equipment and supplies for his new business. He is an honest, hardworking, and quiet natured man.

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

  • $5,900
    Average annual income
  • 5
    View loans »
    Mongolia Loans Fundraising
  • $15,397,050
    Funds lent in using Kiva
  • 1,365.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $750 helped Davaasuren to purchase additional equipment and supplies for his new business.
100% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 9, 2012
Listed
Sep 4, 2012
Currency Exchange Loss:
Possible
Ended:
Jan 15, 2013