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Otgonbaatar is 30 years old and lives with his wife and two children in a ger (a traditional yurt) in the Bayanhongor province of Mongolia. His wife, Ariunsaihan, runs a tailoring service business at a rental counter of the local market. His son, Zagzusem, age 7, goes to local primary school and his daughter, Jargalmaa, age 3, goes to local kindergarten.

Otgonbaatar has been working as an assistant at a construction site for years, and he produces and repairs golden and silver jewelry at home. He is now planning to make it his business and he is renting a place at the local market. He is requesting 660,000 MNT to purchase starting inventory for his new business. He is a hardworking, diligent and modest 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
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,398,050
    Funds lent in using Kiva
  • 1,386.6
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $500 helped Otgonbaatar to purchase starting inventory for his new business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Dec 24, 2012
Jan 23, 2013
Currency Exchange Loss:
Jun 8, 2013