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Nasangerel
Mr.Nasangerel is 29 years old and lives with his wife and two children in a Ger (felt-lined tent) in the Uvurhangai province in Mongolia. His wife, Otgontsetseg, tailors traditional Deel costumes by customers' order during winter. His two sons, Temuulen and Tuvshinbat, are 8 and 3 years old. One goes to elementary school and younger one goes to kindergarten. Mr.Nasangerel started his business in 2007 by making furniture. He has gained lot of customers' trust. His business is temporarily stopped because of a lack of working capital and raw materials. Previously, he lived in the Bulgan province and he supplied his furniture to customers in Bulgan. He used to manufacture furniture with a modern design, which is different from other furniture makers. He is a hardworking and diligent person. He needs 3,000,000 MNT to purchase raw materials for his 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
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,370.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,200 helped Nasangerel to purchase raw materials to continue his temporarily stopped business.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Sep 26, 2012
Listed
Oct 23, 2012
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2013