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Mr. Myagmarsuren is 42 years old and lives with his wife and two sons in a ger in Uvs province in Mongolia. His wife, Narangarav, works as a guard in a private agriculture company. His two sons Togtohbayar, age four, and Tortogtoh, age three, go to a local kindergarten. The borrower has been working as a private driver for a private company director for years and now he is planning to start his own taxi service business in town. He is now requesting 2,000,000 MNT to purchase an eco-friendly electric- and gas-consuming car to provide a taxi service business in town. He is a hardworking and responsible person.

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 Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,450 helped Myagmarsuren to purchase an eco-friendly electric and gas consuming taxi.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Dec 16, 2012
Jan 14, 2013
Currency Exchange Loss:
Oct 17, 2013