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Monhbat is 32 years old and lives with his wife and his three children in a ger (a Mongolian yurt) in Tosontsengel, in the Zavhan province of Mongolia. His wife's name is Bulgan. She is 32 years old and she is unemployed. His three children go to the secondary school. He has been working as a boots manufacturer since 2009.

He is starting to manufacture traditional winter boots with his wife from now on. It will be a family business and they estimated their approximate profit and it will be enough to cover all family expenses. He is requesting a 1,500,000 MNT loan to purchase raw materials for his newly started business of manufacturing traditional winter boots. His goal is to expand the business in the future in order to increase his profit and save money for his children's education.

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
  • 1,382.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,100 helped Monhbat to purchase raw materials for his newly started business of manufacturing traditional winter boots.
92% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 9, 2012
Oct 30, 2012
Currency Exchange Loss:
Apr 16, 2014