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Erdenetsogt is 22 years old and lives with his wife and son in a ger in Dornogovi Province, Mongolia. His wife Ochir, 21, stays home taking care of their newborn baby boy, Onobayar, who is 6 months old. He has been working as an assistant worker in an automobile repair center for years and he has obtained a lot of experience and the trust of a lot of customers over the years. He is now planning to start his own small vehicle repair business in a rental place closer the province's population center. He is requesting 1,500,000 MNT to purchase some equipment and tools to start his own business. He will use his new profits to pay for the needs of his expanding family. He is a hardworking, diligent and active person.

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
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Erdenetsogt to purchase some equipment and tools to start his own automobile repair business.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Nov 25, 2012
Dec 24, 2012
Currency Exchange Loss:
May 28, 2013