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Erdenebayar
Erdenebayar, 32, lives with his wife and a son in a traditional nomadic yurt, in Ger, Uvurhangai province, Mongolia. His wife, Tserennadmid, is 35 years old. Until recently, she helped her husband run their family business of traditional shoe manufacturing. His son, Enhmend, studies at a local secondary school.

Erdenebayar learned traditional shoe manufacturing from his sister in 1992, when he was helping her run her business. He and his wife started their shoe manufacturing business in 2002 but stopped it in January 2013 due to a lack of investment and inventory.

He is now requesting a loan of 5,000,000 Mongolian tughrik to restart his shoe manufacturing business. He and his wife are well-experienced and hardworking 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
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $2,950 helped Erdenebayar to restart his shoe manufacturing business.
46% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 19, 2013
Listed
Sep 22, 2013
Currency Exchange Loss:
Possible