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Myagmarsuren is 68 years old and lives with his wife in the Sukhbaatar district in Mongolia. His children are married and have moved out of their parents' house.

In 2003, he started his transporting business using his mini-bus. Myagmarsuren transports coal and firewood in the winter and provides moving services for households during summer. He is a well experienced driver. He has many regular customers.

He is starting to operate his own business of coal and firewood retail. Since he has been transporting people's coal and firewood for long time, he knows how to thrive in the sector. He is asking 2,000,000 MNT to purchase coal and firewood wholesale and sell it at retail prices. He has good record of eight loans with timely repayment at Xacbank.

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
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,398,050
    Funds lent in using Kiva
  • 1,382.4
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,450 helped Myagmarsuren to purchase coal and firewood wholesale and sell it at retail prices.
95% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Oct 15, 2012
Oct 25, 2012
Currency Exchange Loss:
Jan 17, 2014