Update on ErdenesurenErdenesuren is 39 years old and lives with her husband and two kids in a ger (Mongolian yurt) in Uvurhangai province, Mongolia. Her husband is employed, her elder kid is a college student and her younger one is a school student. In 2005, she started her first business by operating a cafe and she started running her consumer goods retailing business in 2007 at the outdoor market. Her stall location is excellent and her goods are great. Now that her income is increasing, she expanded her shop size. However, she's lacking necessary products to fill the stall. Therefore, she's requesting 2,000,000 MNT to buy goods. She's a sharp and hardworking woman who says, "Now that my kid made it to college, I have to support him."
Previous Loan DetailsErdenesuren C. is 37 years old and lives with her husband and two sons in Uvurhangai province, Mongolia. She and her family have lived together in their own apartment for the past 11 years. Both her two sons attend local high school. Her husband works as a welder and electrician in the mine in the… More from Erdenesuren'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
- 25 months (Additional Information)
- Repayment Schedule
- Feb 18, 2012
- Mar 12, 2012
- Currency Exchange Loss:
- Feb 15, 2013
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.