Update on OyunchimegOyunchimeg is 55 years old and lives alone in a ger (Mongolian yurt) in Ulaanbaatar city, Mongolia. Her children live apart from her and her husband passed away recently. She started her garment retailing business in 2010 by renting a counter in the market. Her product range is wide and her counter is in an excellent location. Her current demand is high; therefore, she needs to increase her supplies in order to meet her demand. She is a sharp and hardworking woman who says, "I cant stand to burden my children. Besides, I love what I do." She's requesting 1,000,000 MNT to buy additional supplies.
Previous Loan DetailsOyunchimeg is 54 years old and lives with her daughter, son-in-law and niece in Ulaanbaatar, the capital of Mongolia. Her son-in-law works as a bus driver for a company that transports people between Ulaanbaatar and the western provinces, and her daughter is currently unemployed. Oyunchimeg i... More from Oyunchimeg'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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