Update on OtgontsendMr. Otgontsend is 57 years old and lives with his wife and three children in a house in the uptown ger (traditional Mongolian tent home) district in Ulaanbaatar, the capital city of Mongolia. His wife's name is Enkhtaivan, and she helps with his coal trade business. His three children all attend school and the oldest one lives separately.
He has been running the family coal and firewood trade business for more than ten years. His business is sustainable and has many regular customers and suppliers. His town residents appreciate him as a cheerful and friendly person.
He is requesting a 6,500,000 MNT loan to install a heating system for his house. The ger district is not connected with the public heating system in Ulaanbaatar City, where the peak cold weather reaches minus 40 degrees.
Previous Loan DetailsOtgontsend D. is 55 years old and lives with his wife and four children in a ger, a traditional Mongolian nomadic tent home and fence in Yaarmag in the Han-Uul district of Ulaanbaatar, the capital city of Mongolia. His younger three children all attend school while his eldest son works in the rural… More from Otgontsend's previous loan »
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 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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Success!! The loan was 100% repaid
- Repayment Term
- 39 months (Additional Information)
- Repayment Schedule
- Aug 17, 2012
- Sep 14, 2012
- Currency Exchange Loss:
- Mar 15, 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.