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Hundik

Update on Hundik

Mr. Hundik is 46 years old. He lives with his wife and five children in a small house in Bayan-Ulgii province, Mongolia. His wife, Meiremgul, is 46 years old. His older daughter, Ainur, is 21 years old. She is a college student. His older son, Umirbek, is 19 years old. He is a college student. His next older daughter, Gulnur, is 14 years old. She is a secondary school student. His younger two sons Adilbek and Jaalinbek are aged 12 and 11. They are secondary school students.

He started his business in 2000 by making home utilities out of steel at his home and selling them at the local market. With steel waste, he makes iron cookers, stoves, smoke holes and iron supplies for construction.

He needs 1,500,000 Mongolian tugriks (MNT) to purchase electric welding equipment for his business.

Previous Loan Details

Hundik S. is 44 years old. He lives with his wife and five children in a ger – a traditional nomadic tent, in the Bayan-Ulgii province of Mongolia. Two of his children are university students and three are attending a local high school. Hundek operates an iron work business in the town. He… More from Hundik'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
  • 18
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,357.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,125 helped Hundik to purchase electric welding equipment for his business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 24, 2012
Listed
Aug 23, 2012
Currency Exchange Loss:
Possible
Ended:
Apr 17, 2013