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Bayarmaa
Mrs. Bayarmaa is a married borrower from Uvs province of Mongolia. She rents two counters in front of the grocery market, and sells all kind of socks. She imports her products from Erlian, China. Her husband is a jeweler and works in a small rental place in the town. He has been working as a jeweler for many years and is very experienced at his work.

She is now requesting 7,000,000 MNT to purchase a small taxi sedan for her oldest son so that he can start up a taxi service business in town. Her two other children are studying in the high school. Her family members all are enthusiastic and hardworking people with good spirits.

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
  • 1,812.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $3,875 helped Bayarmaa to purchase a small taxi sedan for her oldest son so that he can start up a taxi service business in town.
33% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 13, 2014
Listed
Jun 16, 2014
Currency Exchange Loss:
Possible