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Otgontsetseg
Mrs.Otgontsetseg is 33 years old and lives with her husband and son in a 'ger' (a traditional, nomadic yurt), in Uvs province, Mongolia. Her husband, Battsend, runs a small clothing retail business. Her son, Bayarhuu, goes to kindergarten. Otgontsetseg has been running a retail clothing sales business, at a rental counter of a local market. She has gained a lot of experience in the field. Now she is planning to purchase a bigger workplace on her own, and start everything over.

She is now requesting loan of 5,000,000 MNT. She will use the loan to purchase a large amount of inventory and equipment for her newly-starting clothing sales business. She and her husband are hardworking, modest, and welcoming people.

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,703.6
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,950 helped Otgontsetseg to purchase a large amount of inventory and equipment for her newly-starting clothing sales business.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 17, 2013
Listed
Sep 21, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2013