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Bayasgalan
Mrs. Bayasgalan is 31 years old, and she lives with her husband and daughter in a ger, a traditional nomadic tent, in the Uvs province of Mongolia. Her daughter Monhjin is three and goes to a local kindergarten. Her husband Zorigoo helps his wife's mother and sister in running their business of selling furniture in a local market.

Bayasgalan used to help her mother's business, and she has gained a lot of knowledge and experience in that business. She is now planning to start her own business of selling furniture -- in another market, in order not to compete with her mother. Her husband will help her run their family business.

She is now requesting a loan of MNT 7,000,000 to purchase a starting inventory for her new furniture sales business. She has good taste and sense in selection, and she is a hard-working lady.

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

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,703.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $4,125 helped Bayasgalan to buy starting inventory for her new furniture sales business.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Aug 14, 2013
Listed
Sep 19, 2013
Currency Exchange Loss:
Possible
Ended:
Oct 23, 2013