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Purevsuren is 63 years old and lives with his wife and son in a small house in the Arkhangai province of Mongolia. His wife, Lhamsuren, age 56, has retired and stays home. His son, Baasanhuu, age 20, graduated from a specialty training course as a carpenter. Purevsuren worked for a state owned company for years and retired a few years ago. He helps his son make furniture, and now his son is planning to start a furniture manufacturing business of his own on their plot of land. Purevsuren is now requesting 1,800,000 MNT to purchase equipment for his son to start this furniture making business. His family members are hardworking and responsible people.

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
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,397,050
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,300 helped Purevsuren to purchase equipment for his son to start a furniture making business.
90% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Dec 19, 2012
Jan 18, 2013
Currency Exchange Loss:
Dec 17, 2014