Update on GantumurGantumur is 41 years old and lives with her sons and husband in a house in Ulaanbaatar city of Mongolia. One son is a college student and the other son is a high school student. Her husband used to sell plastic bags at the local market. But now he is running a cellphone repair service and spare parts shop. Gantumur has two professions, tailoring and nursing. She used to work as a nurse from 1990 to 1994. From 2000, she started to run a tailoring business. Now she has many regular clients and has expanded her business successfully. Her turnover capital is 1,000,000 MNT. Her daily sales are 30,000 MNT. She keeps good control of her cash flow and expenses. When her income exceeds over 30,000 MNT, she saves the extra income in her savings account. Her sons take care of their family matters so that she and her husband can pay more attention to their businesses. She is a hardworking and diligent woman who says "When I and my husband come home after long work hours, my sons already cook the dinner and clean the home. I feel good about this.
This year, we are not able to pay the full tuition fee of my son. If I could pay that fee, I would have nothing to worry about." She is requesting a 1,000,000 MNT loan to pay for her son's tuition fee and increase the turnover capital of her husband's
Previous Loan DetailsGantumur B. is 41 years old and lives with her husband and two sons in a house in the Sansar area of Ulaanbaatar, the capital city of Mongolia. Her husband manages a bag-trading business at a local market. Her older son is a student while the younger one is a pupil. Gantumur manages a clo... More from Gantumur's previous loan »
About XacBankThis 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid
- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Sep 6, 2011
- Oct 4, 2011
- Currency Exchange Loss:
- Apr 17, 2012
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.