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Mr. Erhbayar is 24 years old and lives with his wife and a daughter in a ger, a traditional nomadic tent, in the Uvs province of Mongolia. Enhbayar has been working with his brothers and father in their furniture-making family business since 2008. They have gained a lot of experience and the quality of their products got much better and is comparable to Russian furniture imported to Mongolia. But their prices are low and affordable to local customers. He married his wife Baya in 2012 and her daughter Ariunjargal is 2 years old now. He is now starting his own business to support his family because his wife is currently unemployed and looking for job. He is now requesting 2,700,000 MNT to purchase wooden inventories to start his own furniture-making 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
  • 1,489.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Erhbayar to purchase wooden inventories to start his own furniture making business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Jul 9, 2013
Aug 4, 2013
Currency Exchange Loss:
Nov 17, 2013