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Lhagvasuren
Lhagvasuren G. lives with his wife and three teenage children in Arhanghay province, one of Mongolia's central provinces. His three children study in local high schools. With his wife, he runs a small family business in wood processing and transportation. In 1995, he initially started his business by making wooden furniture for local clients. However, as he realized that there was a better money to be made in wood processing and transportation, he switched his business focus in 2007. He transports trees from local forests and processes them for carpenter's use. Business is going well, and he was able to repair and modernize his truck with his profits. He aims to supply all the processed wood for the local carpenters. He requests a loan to purchase trees and new tires for his truck. He hopes to be able to afford university education for his children. In the picture: Lhagvasuren's wife Altantsetseg in their business field.

Additional Information

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

  • $2,175
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,332,750
    Funds lent in using Kiva
  • 1,436.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,100 helped Lhagvasuren to purchase trees and new tires for his truck.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 18, 2009
Listed
Apr 3, 2009
Currency Exchange Loss:
Covered
Ended:
Feb 15, 2010