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Punsalmaa is 46 years old and lives with his wife and 2 children in Tsogttsetsii soum of Umnugovi, Mongolia. His wife, Altantsetseg, is 50 years old and grows and sells organic vegetables from their plot of land. His son, Gantomor, is 22 years old and a new graduate currently looking for job, and his daughter, Siilegmaa, is 14 years old and studies at the local school.

Punsalmaa has been working as a welder in local companies since 1991. He is a well-experienced and hardworking man who is starting his own business of auto repair and welding services in town, and is now requesting loan of 3,000,000 MNT to purchase equipment and tools to start operating his business.

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,437.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,100 helped Punsalmaa to purchase equipment and tools to start operating his business in town.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
May 17, 2013
Jun 3, 2013
Currency Exchange Loss:
Sep 27, 2013