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Gerelmaa is 28 years old. She lives with her mother and her daughter in small house in the Arhangai province of Mongolia. Her mother takes care of her daughter Asral, who is one-year-old. Gerelmaa is the only working person of her family and her income is the only income of family. She used to work as saleswoman in local market.

She is now requesting a 5'000'000 MNT loan to import consumer goods from South Korea and to open her retail business in local market. Customers' perspective of Korean goods is high and the estimated income would be enough to cover the family's expenses. She is planning to save excess money for her daughter's 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
  • 1,392.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $3,600 helped Gerelmaa to import consumer goods from South Korea and to open her retail business in local market.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 7, 2012
Nov 22, 2012
Currency Exchange Loss:
Nov 17, 2013