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Erdenebaatar

Update on Erdenebaatar

Erdenebaatar, 34, lives with his wife and two children in a ger (a Mongolian yurt) in Hovd province, Mongolia. His two children are secondary school students. His wife sews traditional clothes and also has a small food shop, where she sells organic dairy products. Erdenebaatar runs a garment and meat retail business. He has been running his meat retail business since 2009. His business is sustainable and has many regular customers and suppliers. He is a hardworking man.

In the summer, the demand for the summer style garments Erdenebaatar sells is high. Therefore, he needs to purchase summer clothes to sell in his retail store in order to increase his business income. He is requesting 2,000,000 MNT to buy some summer style garments and organic milk for his wife's business.

Previous Loan Details

Erdenebaatar B. is 32 years old and lives with his wife and two children in the Hovd province of western Mongolia. His wife has a hearing problem and receives a handicapped allowance. However, she runs a small food shop in their yard and she also sews traditional clothes at her home. They have be... More from Erdenebaatar's previous loan »

Additional Information

More information about this loan

This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

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
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,328.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,525 helped Erdenebaatar to buy some summer style garments and organic milk for his wife's business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 27, 2012
Listed
Jul 16, 2012
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2013
This photo was used before for a previous loan for Erdenebaatar. It was first posted on Kiva on Aug, 2010. Learn More