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Mr. Bayaraa, who is 38 years old, lives with his wife and two daughters in a little house in Arhangai province. His wife works as an elementary teacher in the school. His oldest daughter is a college student and his youngest daughter joined school this year. Mr. Bayaraa has been running a business supplying wool, cashmere, and livestock skins to Ulaanbaatar city for 10 years. He purchases the raw materials from herders in a market of his province. He buys the raw materials for 2,000,000 MNT a day and then he sells them one day a week. His profit is 1,200,000 MNT per month.

Because he has been running this business, he has a good business network in his province. His wife's salary is not enough for their family needs so he needs to pay his older daughter's tuition fees. Therefore, he requests a 2,000,000 MNT loan.

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

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,382.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,450 helped Bayaraa to pay his older daughter's tuition fees.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Aug 16, 2012
Sep 15, 2012
Currency Exchange Loss:
Feb 15, 2013