Update on ErdenchimegErdenchimeg lives with her 2 daughters in a ger (mongolian yurt) in the Govisumber province, Mongolia. She is a single mother. Her older daughter is a college student in the capital city Ulaanbaatar and her younger daughter is a secondary school student. She has been selling foods, snacks, and beverages to train passengers at the train station in Govisumber.
Erdenchimeg started her business in 1996. Her younger daughter helps her. She is a very hard-working, responsible woman. In the future, she wants to rent a counter in a market in order to expand her business. She says, "I want to expand my business to generate income. Soon, both my daughters will be in college. I have to be ready for their college tuition". The amount she is requesting is 850,000 MNT to pay her daughter's tuition fee.
Previous Loan DetailsErdenchimeg is 50 years old and lives with her daughters in Gobisumber province of Mongolia. Her two daughters are 18 and 14 years old and are a college student and a high school student, respectively. Erdenchimeg manages a mobile food trading business at the train station in her town. She starte... More from Erdenchimeg's previous loan »
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
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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- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- May 29, 2012
- Jun 15, 2012
- Currency Exchange Loss:
- Sep 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.