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Nanzaddorj
Mr. Nanzaddorj is a 54-year-old widower with three daughters and two sons living in a ger (traditional felt housing), in Tosontsengel, Zavhan province, Mongolia. His wife has died last month.

He started his business of manufacturing consumer products out of recyclable metals in 2002. He produces stacks, stoves, and metal sinks by using dumped or broken metals and scrap metals. He produces high-quality, low-priced products because inventory of products is a lot cheaper and available everywhere. Customers like his products better than others.

In 2010, he also started planting vegetables in a garden and sells during the winter when the price is the highest of the year. He also pays his daughter's university tuition from his profit.

He is requesting a 3,000,000 MNT loan to build a storage pit for a reserve of harvested vegetables for his family and to sell during winter.

He is a hardworking, talented, and modest man who says that, "I need to work harder than ever to let my children grow healthy, educated and well-prepared for life, since all the responsibilities (are) on me now."

Additional Information

More information about this loan

This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

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 Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Mongolia

  • $2,175
    Average annual income
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,310,900
    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 Nanzaddorj to build a storage pit for a reserve of harvested vegetables for his family and to sell during winter.
93% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 2, 2012
Listed
Nov 7, 2012
Currency Exchange Loss:
Possible
Ended:
Sep 17, 2013