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Mr.Tumendelger is 26 years old and lives with his wife and daughter in a ger in Uvs province, Mongolia. His wife Altantungalag has worked in a cafeteria as a chef and now she is staying home taking care of their newborn baby girl Bulganhishig, age one. The borrower has been working as an assistant worker at a construction site and as a salesperson in a charcoal and firewood selling business. He is planning to start a cafeteria business with his wife and is now requesting 740,000 MNT to purchase equipment and tools for his newly starting cafeteria business. The borrower and his wife both are hardworking and optimistic people.

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
  • 1,387.8
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $550 helped Tumendelger to purchase equipments and tools for his newly starting cafeteria business.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Dec 17, 2012
Jan 15, 2013
Currency Exchange Loss:
Oct 17, 2013