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Togtohbayar
Togtohbayar is 57 years old and lives with his wife in a small house in Huvsgui province, Mongolia. His wife, Doljin, is 53 years old. She is retired and is living on a pension. Togtohbayar worked as a driver for a cargo company for 20 years. He has also been on a pension for the last 3 years and now he wants to start a local cargo service. He is a hardworking and experienced man. He's planning to purchase a track trailer to start his new business and is requesting 2 000 000 MNT for that purpose.

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
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,310,900
    Funds lent in using Kiva
  • 1,385.0
    Mongolia Tugriks (MNT) = $1 USD