Update on GantumurGantumur is 46 years old and lives with his wife and four kids in ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife is employed, eldest kid is a college student and younger three are school students. He started his dairy product trading business in 2008. He travels through rural areas and collects dairy products, and sells it to the market traders. During the summer, he works at a construction site. He is a sharp and hardworking man who says "Now that my kid is in college, I have to work even harder in order to support him." He's requesting 2,000,000 MNT to buy mass amount of dairy to meet the holiday season demands.
Previous Loan DetailsGantumur B. is 44 years old and lives with his wife and four children in Uvurhangai province, Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent home. Gantumur operates a retail dairy business in his town, together with his wife. Gantumur purchases his... 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
- 26 months (Additional Information)
- Repayment Schedule
- Feb 17, 2012
- Mar 6, 2012
- Currency Exchange Loss:
- Oct 15, 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.