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Maamuu
Mr. Maamuu is 48 years old and lives with his wife and two children in a newly-built house in Uvs province of Mongolia. His wife works in a hospital as a housekeeper and his two children attend secondary school. He has been employed as woodman in a private company, but is now starting his own furniture-making company in a spare room of his house. He is very experienced at this trade and is well-known within the industry. He has already received orders worth 700,000 MNT, but doesn't yet have inventory and other tools. He is requesting a loan for 3,000,000 MNT to invest in his new business. He is a diligent and hardworking man who says that "I will try my best not to disappoint my customers."

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,380.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,175 helped Maamuu to invest in a new business making wooden furniture.
91% repaid
Repayment Term
37 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 13, 2012
Listed
Oct 31, 2012
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2014