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Mr. Khumirzakh is 30 years old and lives with his wife, two daughters and his brother in a little house in the Bayan-Olgii province of Mongolia. His wife works at a private company. His daughters stay home. Mr. Khumirzah used to work at a private company. He quit his job because the salary was so low. He is starting his own business selling cars at the market. He is investing his savings in his new business. He will be purchasing cars from Capital city and reselling that at the local market at a higher price. Now he is requesting 3,200,000 MNT loan to make an additional investment in his new business. He is a responsible person with a good record in his bank account.

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
  • 1,382.4
    Mongolia Tugriks (MNT) = $1 USD