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Purevdorj
Mr. Purevdorj is 26 years old and lives with his parents and two siblings in their house in suburban area of Ulaanbaatar city. He created the idea of a bicycle sales and rental service when he was in China studying for his Bachelor's degree. He sold five bicycles in someone else's retail store when he was a student. He is now starting his own business and now requesting a loan of 8,500,000 MNT to purchase 24 bicycles for starting his bicycle rental service business. He has done some research and found out that there is potential demand in the market and it could become a profitable business.

Purevdorj is an open-minded, friendly, hardworking, and thoughtful young man who always looks for ideas to grow into a business and support his family. His parents are retired and his younger sister has given birth to a baby so the family expenses increased recently.

Purevdorj is one of the YBM business plan competition finalists and delivered training and technical support from Development Solutions, a local NGO which is now piloting the "Youth Business Mongolia" project to support young entrepreneurs' ideas. His favorite phrase is "Your time will surely come. But until that time comes, prepare yourself every day…"

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

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,397,050
    Funds lent in using Kiva
  • 1,770.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,825 helped Purevdorj to purchase 24 bicycles to start up his bicycle rental service business.
17% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Irregularly
Disbursed:
May 31, 2014
Listed
May 3, 2014
Currency Exchange Loss:
Possible