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Galmandah
Mr. Galmandah is 36 years old and lives with his wife and 3 children in a small house in the Selenge province of Mongolia. His wife Enhtuya is hairdresser in a barbershop. His twins Huslen and Enhminj, age 12 and daughter Namuunaa, age 6 go to local schools. Galmandah has graduated as an electric engineer and worked at various places since then. He is now planning to start his own business for electronic goods repair in a rental place and is requesting 2,500,000 MNT to purchase start-up equipment and inventory for his new business. He is a hardworking, clever and responsible man with a good loan record at XacBank.

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

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,825 helped Galmandah to purchase start-up equipment and inventory for his new business.
90% repaid
Repayment Term
24 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 18, 2013
Listed
Feb 17, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014