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Erdenchimeg

Update on Erdenchimeg

Erdenchimeg, who is 27 years old, lives with her husband and two children in an apartment in Ulaanbaatar, the capital city of Mongolia. She is a modest and calm tempered woman. Her husband's name is Bumanbaatar; he operates his own retail computer business. Her husband has an apartment mortgage loan. Her son and daughter go to kindergarten.

Previously, Erdenchimeg worked for a private company as a salesperson, and in 2010 she started her own business selling children's toys, neonatal clothes and perfume in a rented space. She lacks working capital, however, so she needs 4000000 MNT to purchase inventory for her business.

Previous Loan Details

Erdenchimeg is 27 years old and lives with her husband and two children in a ger (Mongolian yurt) in Ulaanbaatar city, Mongolia. Her husband runs his own business and her two children are kindergarten students. She started her kids' garment retailing business in early 2010. Her sales location is ... More from Erdenchimeg's previous loan »

Additional Information

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,365.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,950 helped Erdenchimeg to purchase inventory for her business.
92% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 21, 2012
Listed
Oct 1, 2012
Currency Exchange Loss:
Possible
Ended:
Sep 17, 2014