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Mr. Altinbek lives with a wife and four childeren in a small house in Bayan-Olgy province. He is 52 years old, and he was drawing-master in the secondary school from 1980 to 2003. Then, with his friend, he began buying livestock in 2005. They sell it in the center of the province and Ulaanbaatar city. The working capital is 1,000,000 Mongolian tugriks (MNT).

Now, he starting his own painting business, because his major is painting. Also, he plants organic vegetables such as potatoes, cabbages, tomatoes, cucumbers, etc., in his own greenhouse, which is located within his property fence. He will paint illustrations by order. Now, Mr. Altinbek is requesting 1,500,000 MNT to purchase painting materials for his new business. He is a public and reticent man.

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.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,355.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,125 helped Altinbek to purchase painting materials for his new business of painting illustrations to order.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Aug 14, 2012
Aug 26, 2012
Currency Exchange Loss:
Oct 17, 2013