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Mrs. Hishigjargal, age 32 and widowed, makes and sells boots to earn a living. She lives with her three children in their small house in the Tosontsengel province of Mongolia. She is a modest and hard-working woman who reports that she wants her children to be fully educated. Two of her children go to secondary school, but one of her sons has been sick for long time and now stays at home permanently under his mother's care.

Mrs. Hishigjargal has been working for a boot manufacturer for several years, but she now needs to stay home to take care of her sick child. For this reason, she is planning to start her own business of manufacturing boots in her home. She is requesting a loan in the amount of 1,000,000 MNT in order to purchase required inventory items and an electric machine for her newly-starting business.

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
  • 1,397.6
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $725 helped Hishigjargal to purchase required inventory items and an electric machine for her new boot manufacturing business.
100% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Oct 16, 2012
Nov 16, 2012
Currency Exchange Loss:
Jun 19, 2013