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Mr. Algaa is 38 years old. He lives with his wife and four children in a Ger (Mongolian housing tent) in the Uvs province of Mongolia. His wife, Altnaa, is starting her own clothing sales business in the local market. His sons Bumbayar, age 17, and Batzorig, age 14, and daughter Narantuya, age 12, go to local schools and daughter Delgermaa, age 5, goes to a local kindergarten.

He used to herd livestock in countryside and just moved to the province center. He is now requesting a loan of 4,500,000 MNT (Mongolian tugriks) to start a clothing sales business in the local market with his wife. His wife's siblings run clothing sales businesses, and they coached them on how to run the business. He is a hardworking, confident and welcoming 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
  • 1,392.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $3,250 helped Algaa to start a clothing sales business in the local market with his wife.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Feb 11, 2013
Apr 1, 2013
Currency Exchange Loss:
Oct 2, 2014