Update on ErdenebilegMr. Erdenebileg is 42 years old and lives with his wife and his three children in a ger, Mongolian yurt, in Uvs province of Mongolia. His wife's name is Dulamsuren. She is 34 years old and works for a private company as a shop assistant. Her monthly salary is 250,000 - 300,000 MNT. His three children go to the secondary school.
Mr. Erdenebileg started a make-a-Mongolian-yurt business in 2003-2012. The make-a-Mongolian-yurt business is a seasonal business. He started a transportation business a short time ago. He would like to buy a new hybrid car for his business. The price of the hybrid car is 6,500,000 MNT. He has prepaid 3,500,000 MNT for the car. Now he is requesting 3,000,000 MNT to pay off the rest. He is a hardworking and calm man.
Previous Loan DetailsErdenebileg B. is 40 years old and lives with his wife and three children in Uvs province, western Mongolia. He and his family have been living together in a house for 9 years. Erdenebileg began his carpentry business in 2003. He produces 'ger'--a traditional Mongolian housing tent--parts such as… More from Erdenebileg'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