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Altantsogt
Altantsogt is 35 years old and lives with his wife and 2 daughters in Ger in Uvs province of Mongolia. His wife Onorjargal is 35 and helps her husband to run their family business of manufacturing wooden furniture. His 2 daughters attend local primary school and kindergarten respectively.
Altantsogt has been crafting wooden Ger parts and furniture since 1998. He has built close relationships with his suppliers and clients as well. He takes orders from clients and manufactures furniture or other products to meet the client's order. He stopped his business for a while and started providing transportation service with a truck but now he would like to return to furniture manufacturing. He is requesting loan of 6,000,000 MNT to purchase plank and other inventory to produce wooden furniture for local clients. He is a hardworking, enthusiastic and diligent man.

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
  • 1,679.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $3,575 helped Altantsogt to purchase plank and other inventory to produce wooden furniture for local clients.
100% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Sep 23, 2013
Listed
Oct 29, 2013
Currency Exchange Loss:
Possible
Ended:
Jan 17, 2014