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Semben
Mr. Semben is 42 years old and lives with his wife and their two sons in the Ger in Ih toiruu area of Ulaanbaatar city, Mongolia. His wife Oyuntogtoh is 40 years old works as a chef in a cafeteria. His older son, Sodnombaljir, is 19 years old and serves in the military. His younger son, Demberel, is 11 years old and studies at a local school.



Ms. Oyuntogtoh has been working as a chef for 21 years and has lot of experience in the business. She has been working in this particular cafeteria for three years and now rents a small cafeteria of her own to increase the family's income.



Semben has been helping his wife start a family business of running a small cafe. He is now requesting a loan in the amount of 3,500,000 MNT to purchase a large amount of (food) inventory so that they can start their business before the Mongolian National Holiday, which is the high season for the food 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
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,456.6
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,425 helped Semben to capitalize on demand by purchasing a large amount of food inventory for a new family cafeteria business.
92% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 27, 2013
Listed
Jul 8, 2013
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2014