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Mr. Altanchimeg lives with his wife and two children in a ger in Uvs province of Mongolia. He is married and his wife Tsetsgee is 46 years old. His two sons are secondary school students. His wife is a shoemaker in a private company. She has worked in the shoe manufacturing company for years so she has lot of experience in this industry. He is planning to manufacture traditional winter boots with his wife. He is going to Ulaanbaatar, the capital city, to purchase inventory and equipment for his newly starting business, and he needs 1,000,000 MNT to purchase raw materials and tools for this new business. He also is planning to rent a workplace. He is a hardworking and neat man.

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
  • $15,399,550
    Funds lent in using Kiva
  • 1,380.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $725 helped Altanchimeg to purchase raw materials and tools for his new business.
94% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 17, 2012
Oct 31, 2012
Currency Exchange Loss:
Feb 17, 2014