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Ganchimeg
Mrs. Ganchimeg, 38 years old, is the female head of the family. She lives with her mother and daughter in a ger (a traditional Mongolian yurt) in Bulgan province, Mongolia. Her daughter Erdenehishig, age 17, goes to the local secondary school. Ganchimeg's mother is retired and stays home.

Ganchimeg used to work as a teacher at a local school and she is now starting her own business, a bookstore in the local market. Her siblings run small bookstores in other cities so they share experience and ways to improve the business with her. Ganchimeg is requesting a loan of 680,000 MNT to purchase book inventory for her new business. She is a hardworking, optimistic and enthusiastic woman.

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
  • 1,390.8
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $500 helped Ganchimeg to purchase inventory for her new business.
91% repaid
Repayment Term
37 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 6, 2013
Listed
Feb 5, 2013
Currency Exchange Loss:
Possible
Ended:
Sep 22, 2013