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Lhagvasuren
Mr.Lhagvasuren is 26 years old, a newlywed, and lives with his wife in a ger in the Uvs province of Mongolia. His wife, Alimaa, is a senior student at a local university.

He used to help his father to manufacture custom wooden furniture, and gained a lot of experience. He is now starting his own business of furniture manufacturing in his home to cover his family expenses, and pay his wife's tuition fee, etc.

He is now requesting loan of 5,000,000 MNT to purchase the inventory to start manufacturing wooden furniture for local clients. He is a hardworking, honest, and open-minded person.

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.

Tags

About Mongolia

  • $2,175
    Average annual income
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,437.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $3,500 helped Lhagvasuren to purchase inventory to start manufacturing wooden furniture for local clients.
61% repaid
Repayment Term
37 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 21, 2013
Listed
Jun 26, 2013
Currency Exchange Loss:
Possible