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Naranhuu

Update on Naranhuu

Naranhuu, age 46, lives with his wife and six children in a "ger" (Mongolian yurt) in Hovd province, Mongolia. He started his meat retailing business in 2000 by renting a counter at market. Over the years he has gained many suppliers and regular customers. His wife helps with his business, their elder child is a college student, and the rest of the children are enrolled in school and kindergarten.

At present, Naranhuu's suppliers are increasing their prices rapidly. For this reason, he needs to travel through rural areas in order to buy a bulk quantity of meat. He is requesting a 3,700,000 MNT loan to this end.

He is a sharp and hard-working man. He reports, "My income is decreasing and I need to act aggressively in order to support my family."

Previous Loan Details

Naranhuu B. is 44 years old and lives with his wife and six children in the Hovd province of western Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His eldest child is a student and his other children attend a local middle school while his wife Oyunchim... More from Naranhuu's previous loan »

Additional Information

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.

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.

About Mongolia

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,366,300
    Funds lent in using Kiva
  • 1,320.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,825 helped Naranhuu to buy meat in bulk.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 15, 2012
Listed
Mar 24, 2012
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2013
This photo was used before for a previous loan for Naranhuu. It was first posted on Kiva on Aug, 2010. Learn More