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Mr.Lhagvajav is 59 years old and lives with his wife in a small house in Harhorin soum of Uvurhangai province, Mongolia. His wife, Oyuntsetseg, is 57 years old and runs a small souvenir stall close to the tourist attraction points of Uvurhangai province.

Lhagvajav has retired and stays home; he helps his wife run her souvenir retail business. He crafts wooden toys and souvenir products at home; he is now making it a business. He sells his products at his wife's stall, which is close to an old traditional monastery and other tourist attractions.

He is requesting a loan of 1,500,000 MNT to purchase inventory to produce wooden toys and souvenir products. He is a hardworking and talented craftsman.

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
  • 1,437.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,050 helped Lhagvajav to purchase inventory to produce wooden toys and souvenir products.
100% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
May 21, 2013
Jun 26, 2013
Currency Exchange Loss:
Feb 3, 2015