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Mr. Tsogtbaatar is 45 years old and lives with his wife and son in an apartment in the Ovorkhangai province of Mongolia. His son is a college student. He worked in South Korea from 2006 to 2009. He started a taxi service business after he came back home. His daily income is 20,000-30,000 MNT. His wife is planning to start a jewelry retailing business. He asking for a 2,000,000 MNT loan to purchase jewelry for his wife's business. He is a hardworking and neat person who says, "It is tough to cover all family expenses from taxi business. The family income will increase and living situation will get better when my wife starts to generate profit."

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
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,380.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,450 helped Tsogtbaatar to purchase jewelry for his wife's business.
92% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 9, 2012
Oct 27, 2012
Currency Exchange Loss:
Feb 17, 2014