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Basan
Basan is 48 years old. She lives with her husband and a daughter in a ger (traditional nomadic yurt) in Uvs province, Mongolia. Her husband Togsoo is in the national military service. Her daughter Anujin is 6 and enrolled in primary school this year.

Basan has opened her small grocery store business on the plot of land where they have lived since 2010. She had been running her business successfully for 3 years. A few months ago, she got sick and had to stay in hospitals to get treated for awhile. Because of this, her business was stopped. She is now well and requesting a loan of 3,500,000 MNT to purchase inventory to restart her grocery store.

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.

About Mongolia

  • $5,900
    Average annual income
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,398,050
    Funds lent in using Kiva
  • 1,715.3
    Mongolia Tugriks (MNT) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $2,050 helped Basan to purchase inventory to restart her grocery store.
96% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 28, 2013
Listed
Nov 27, 2013
Currency Exchange Loss:
Possible