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Jargal

Update on Jargal

Jargal is a 39-year-old man who lives with his wife and his mother in Bayanhongor province. He has been running a smithery since 1995, and his wife helps with the business. The smithery is stable, and they have been improving their standard of living.

Jargal is planning to develop his business through financial support. Jargal is a diligent and active man who says, "my equipment is getting old, so I would like to buy some necessary new equipment and materials to make silver jewelry." The total amount he is requesting is 2,000,000 MNT to buy equipment and materials for smithery.

Previous Loan Details

Jargal, 38, is married and lives with his mother and wife in Bayanhongor province, Mongolia. They live in a 'ger', a Mongolian nomadic housing tent, on a small plot of land that they own. He worked for a jewelery-making company between 1993 and 1995. He began operating his own goldsmith business ... More from Jargal'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

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,310.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,550 helped Jargal to buy equipment and materials for smithery.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 28, 2012
Listed
May 14, 2012
Currency Exchange Loss:
Possible
Ended:
Mar 15, 2013
This photo was used before for a previous loan for Jargal. It was first posted on Kiva on Mar, 2011. Learn More