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Battsooj

Update on Battsooj

Mr. Battsooj is 40 years old and lives with his wife and three children in a ger (Mongolian yurt). His wife, Nasanbayar, is 40 years old. His oldest daughter, Naymdelger, and his younger son, Myagmarsuren, are secondary school students while his younger daughter, Azbileg, stays at home.

With the help of his wife, Mr. Battsooj started his business in 2003 by selling meat at the local market. Currently his wife stays home and takes care of the youngest child. But his wife would like to run an art-making business out of the home to increase the family's income.

Mr. Battsooj is a hardworking and diligent man. He needs 4,000,000 MNT to buy raw materials for his wife's new business.

Previous Loan Details

Battsooj is a forty-year-old man who lives with his wife and three kids in Hovd province in Western Mongolia. His wife is unemployed, and takes care of the youngest kid. His two other kids study at the secondary school. He has been running a meat and livestock retailing business since 2003. The p... More from Battsooj's previous loan »

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Mongolia

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,365.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,950 helped Battsooj to buy raw materials for his wife's new business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 3, 2012
Listed
Sep 5, 2012
Currency Exchange Loss:
Possible
Ended:
Feb 15, 2013
This photo was used before for a previous loan for Battsooj. It was first posted on Kiva on Feb, 2012. Learn More