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Amgalanbaatar
Mr. Amgalanbaatar is a 54-year-old retired man who lives with his wife, Basbish, his son, daughter-in-law and grandchild in a house in the Orhon province of Mongolia. Ms. Basbish is having health problems and stays home. His daughter-in-law has just given birth to a child and stays home. His son, Gantomor, is 26 years old and graduated from a wooden furniture manufacturing course. He is now starting his own business with his father on their plot of land.

Mr. Amgalanbaatar and his son produced small furniture at home by order from time to time since 2007. Mr. Amgalanbaatar is now requesting a loan of 6,000,000 MNT (Mongolian tugriks) to purchase construction materials to build a workplace on their plot of land to start a family business of wooden furniture manufacturing with his son. He is a hardworking, diligent and enthusiastic 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

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,429.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,200 helped Amgalanbaatar to purchase construction materials to build a workplace on their plot of land to start a family business of wooden furniture manufacturing with his son.
77% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 3, 2013
Listed
May 19, 2013
Currency Exchange Loss:
Possible