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Kombinat
Mr. Kombinat is a 67-year-old man who lives with his wife, 2 children, and his older son's family in their house in Bayan-Ulgii province, Mongolia. His wife, Nurhiya, is 60 years old and stays at home, enjoying her retirement. His son, Erlan, has married and works at a local construction company as an assistant worker during the summers. His daughter-in-law works at a local market cafeteria. His grandchildren and younger daughter are local primary school students.

Kombinat has been running a small animal pelt and raw material retail business for years at the local market. He is now requesting a loan of 3,000,000 MNT. This will be used to purchase a secondhand car for his son to start his taxi service business in town, in order to earn a stable income. The Kombinat family members are hardworking, enthusiastic and diligent 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
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,307,900
    Funds lent in using Kiva
  • 1,678.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,800 helped Kombinat to purchase a secondhand car for a taxi service.
98% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Sep 30, 2013
Listed
Nov 2, 2013
Currency Exchange Loss:
Possible
Ended:
Sep 4, 2014