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Mrs. Tsolmon is a 53-year-old widow who lives with her son in a Ger (Mongolian housing tent) in the Bayanhoshuu district of Ulaanbaatar, Mongolia. Her youngest son, Hadbaatar, age 27, works as a driver in a local company. Her daughter has married and lives separately.

She has been running a barber shop in a rental place for 28 years, and her daughter works with her, too. She has built close relationships with customers and already has a regular customer base.

She is now requesting 2,000,000 MNT (Mongolian tugriks) to purchase a vehicle for her son to start his transportation business. She and her children are hardworking, responsible and diligent 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
  • 1,387.9
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,450 helped Tsolmon to purchase a vehicle for her son to start his transportation business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Dec 21, 2012
Jan 19, 2013
Currency Exchange Loss:
Dec 17, 2014