Check out some available loans that are similar to this one!

Update on Otgonbayar

Otgonbayar is a 42-year-old man who lives with his wife and four children in Hovd province in Western Mongolia. His children study at college and high school. He has been running a meat retailing business for five years. He purchases the meats from a herder or herder families and his wife sells the meat at the Trade Center in their town. The business has been successful. Due to the price increases, they need to buy the meat in large quantities. Otgonbayar is a good-natured man who says, "I would like to expand the business activity by buying the meats in large quantities before they price increases". The total amount he is requesting is 1,000,000 MNT to buy meat.

Previous Loan Details

Otgonbayar L. is 40 years old and lives with his wife and four children in Hovd province, western Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent. The elder three children, ages 15, 12, and 10, all attend local secondary school while his youngest son, ag... More from Otgonbayar'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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,320.0
    Mongolia Tugriks (MNT) = $1 USD