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Chagaa
Mrs. Chagaa is 45 years old and lives with her husband and two children in a house in the Suhbaatar district, in Ulaanbaatar, Mongolia. Her husband, Batmunh, is 45 years old. Her daughter, Maralmaa, is a secondary school student, and her son, Gantulga, is a college student. Mrs. Chagaa has been working for a tailoring company since 1990. She has a lot of experience in the industry and is planning to start her own business in her old house, which is right beside her new house. She is asking for a loan of 4,200,000 MNT to buy an electric sewing machine and to redesign her old house into a workplace for her new 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

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,366,300
    Funds lent in using Kiva
  • 1,387.8
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $3,050 helped Chagaa to buy an electric sewing machine and to redesign her old house into a workplace for her new business.
91% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 25, 2012
Listed
Oct 16, 2012
Currency Exchange Loss:
Possible
Ended:
Dec 1, 2014