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Mongonbagana
Mr. Mongonbagana is 43 years of age and lives with his wife and 4 children in Ger in the Uvs province of Mongolia. His wife, Nyamduuren, works at a local kindergarten. His older son studies at university, and the 3 younger children study at a local secondary school.

Mr.Mongonbagana works together with his siblings in furniture manufacturing, and he is now starting his own furniture manufacturing business. He is requesting a loan of 3,000,000 MNT to purchase inventory and equipment for his new wooden furniture manufacturing business. He is a hardworking, welcoming 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
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,422.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,125 helped Mongonbagana to purchase inventory and equipment for his new wooden furniture manufacturing business.
86% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 2, 2013
Listed
May 20, 2013
Currency Exchange Loss:
Possible
Ended:
Aug 18, 2014