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Mr. Davaasuren is 42 years old and lives with his wife and two sons in Ger in Arhangai province, Mongolia. His wife, Nasandelger, 35, operates a small business of her own. His sons, Bat-Erdene and Otgonbayar, are 16 and 13. They are secondary school students. He has been engaging in various activities since 2006. He is now starting his own retail business to sell clothing and other goods. Because of the business profits and potential expansion opportunities he has projected, he has chosen to proceed with this business. He is a diligent, hardworking and responsible man. He needs 4,000,000 MNT to purchase clothing and other goods to resell at retail prices at his rented counter.

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,382.3
    Mongolia Tugriks (MNT) = $1 USD
A loan of $2,900 helped Davaasuren to purchase clothing and other goods to resell at retail prices at his rented counter.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 17, 2012
Oct 30, 2012
Currency Exchange Loss:
Nov 29, 2012