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Altanbagana
Mr. Altanbagana is 23 years old and lives with his newly wedded wife in their Ger, a traditional nomadic yurt house in Uvs province, Mongolia. His wife, Ulziidelger, works at local company. Altanbagana was very interested in mechanics and automobiles as a kid. His father was a mechanic and provided auto repair services to local drivers and clients. Altanbagana has helped him and learned from him. He started his own business of auto repair services in 2010, right after he graduated from college. He is a passionate and hardworking man, who needs 7,500,000MNT to purchase extra tools and equipment to start providing renovation and painting services at his workshop. He is now trying to increase his income since he has just started his own new family.

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
  • 14
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,672.2
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,500 helped Altanbagana to purchase extra tools and equipment to start providing renovation and painting services at his workshop.
41% repaid
Repayment Term
36 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 16, 2013
Listed
Jan 15, 2014
Currency Exchange Loss:
Possible