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Erdenebulgan
Erdenebulgan is 20 years old and lives with his parents in a small house in Ulaanbaatar city, Mongolia. His father works at a local company as a driver and his mother works as a chef in a small cafeteria.

He was one of the young entrepreneurs who attended Development Solutions NGO's YBM project and was selected as one of the best business plan developers. He is now starting his own business of a small bakery.

Erdenebulgan started studying in a local college as a meat and meat products technician. Enrolled in the local university and majored in food processing technologist. He worked as an intern in food processing factories soon after his graduation and is working towards establishing a pastry business.

He is a humble and hardworking young man who says, "My objective is to start my own business in an industry which I have acquired my major in." He is now requesting a loan of 8,000,000 MNT to purchase starting inventory and equipment for his new business.

Youth Business Mongolia project is a subsidiary project for Mongolia of Youth Business International, organized by Development Solutions NGO to support young entrepreneurs and their ideas to grow into businesses by providing training, mentoring, and other technical assistance.

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
  • 20
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,826.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back

This loan has been fully funded!

A loan of $4,400 helped Erdenebulgan to purchase starting inventory and equipment for his new business.
12% repaid
Repayment Term
29 months (Additional Information)
Repayment Schedule
Irregularly
Disbursed:
Aug 15, 2014
Listed
Jul 5, 2014
Currency Exchange Loss:
Possible