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Chimedtsermaa is 68 years old and had lived with her daughter in a little house in the Songinokhairkhan district of Ulaanbaatar city. Her daughter graduated university and went to Korea for work. Chimedtsermaa had worked for a tailoring company since 1990. She retired from the company and now is starting her own tailoring business at home. She is requesting a 3,000,000 MNT loan to purchase a new sewing machine and inventory. She is a very hardworking person who says "I want to have own workplace in the future."

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
  • 1,380.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,175 helped Chimedtsermaa to purchase a new sewing machine and inventory.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Sep 27, 2012
Oct 26, 2012
Currency Exchange Loss:
Oct 17, 2014