Update on TungalagTungalag, 52 years old, lives in a ger (a Mongolian yurt) in Uvurhangai province, Mongolia. Her husband passed away recently and her children live separately. Tungalag started her cosmetics retail business in 2003 by renting a counter in the market. Over the years, she gained many trusted suppliers and regular customers. Her location is good and her products are all well qualified.
Tungalag is a pharmacist; therefore, she provides advice to her customers. She is a sharp and hardworking woman who says, "Now that my customers are increasing rapidly, I have expanded my shop and I need additional resources in order to run the business efficiently." Tungalag is requesting a 3,000,000 MNT loan to purchase more cosmetics.
Previous Loan DetailsTungalag D. is 50 years old and lives with her two children in Uvurhangai Province, central Mongolia. They all live together in her ger, a traditional Mongolian tent home, in her sibling's yard. One son recently finished his bachelor’s degree and works as an engineer at the local mine.
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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