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Otgonbayar
Mr.Otgonbayar is 62 years old. He lives with his wife and son in a small house in the Selenge province of Mongolia. His wife, Oyuntsog, is retired from an eastern medical center. His son, Onontuul, is 28 and works at a local company.

Since 1990, Otgonbayar has been growing organic vegetables. He started this for family use and expanded it into a business. Now they sell their vegetables to retailers at the local market. His wife is planning to start her own business as a medical service provider in a rental place.

Otgonbayar is now requesting a loan of MNT 2,500,000 to purchase soils and seeds for his plantation and tools for his wife to start her business. Otgonbayar's family are hard-working and responsible people.

Additional Information

More information about this loan

This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

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
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,456.6
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,725 helped Otgonbayar to purchase soils and seeds for his plantation and tools for his wife to start her business.
89% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 5, 2013
Listed
Jul 8, 2013
Currency Exchange Loss:
Possible
Ended:
Jul 2, 2015