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Erdenesaihan
Mr Erdenesaihan is 35 years old and lives with his wife and two daughters in a small house in the Selenge province of Mongolia. His wife Udval, aged 36, is temporarily unemployed and stays at home and takes care of their family. His daughter Hualn, aged 7, goes to the local primary school. His other daughter, Enhjin, who is 4, goes to the local kindergarten. Mr Erdenesaihan has been working part-time as an interior designer in a construction company.

He is now starting his own business, a butcher shop, at a rental counter of the local market. His sister-in-law has been running a butcher shop in the same market for over 10 years and she will help him to start his business. He is now requesting 1,500,000 MNT to purchase starting inventory from herders at a low price and sell to customers at a higher price. He is hardworking, a fast learner, and communicates well.

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
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,372,575
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,100 helped Erdenesaihan to purchase starting inventory from herders at a low price and resell to customers at a higher price.
90% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 24, 2012
Listed
Jan 23, 2013
Currency Exchange Loss:
Possible
Ended:
Oct 17, 2014