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Erdenebat
Mr. Erdenebat is 25 years old and lives with his mother, older brother, sister, and three younger brothers in a ger in the Govi-Altai province of Mongolia. His mother is a librarian in a secondary school, and his sister is a teacher in a secondary school. His three younger brothers are college students. Mr. Erdenebat started his business in 2012 by buying a tennis table and a billiard table. His mother plans to sell office stationery, which is a marketable product, because soon she will be retired. His family's living conditions are not good, and his business income is not covering their needs. Mr. Erdenebat is a hardworking and honest person. He is asking for 2,500,000 MNT to purchase some inventory for his mother's office stationery business.

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
  • 20
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,382.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,825 helped Erdenebat to purchase some inventory for his mother's office stationery business.
92% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 13, 2012
Listed
Sep 17, 2012
Currency Exchange Loss:
Possible
Ended:
Sep 17, 2014