Update on MunhuuMunhuu is 42 years old and lives with his wife. He has been running a butcher shop with his wife since 1998, and now his wife has started a new small mail-order business producing traditional boots at home. He purchases livestock from local herders to sell to a local retailer, and his wife sells it at the local market as a retailer, too.
This borrower has more than 10 years of experience. He does not just purchase and sell livestock to retailers; he also breeds the cattle and sheep to grow them bigger and then sells them to retailers. This is the only income in his family right now, and it is not enough to cover his family expenses and children's upbringing. Munhuu is requesting a 3,000,000 MNT loan to purchase sheep and cattle in order to increase his working capital and income. He is a hardworking, responsible man who believes that if person works hard, life treats him better.
Previous Loan DetailsMunhuu O. is 40 years old and lives with his wife in Uvs province, Western Mongolia in a ger, a traditional Mongolian nomadic home tent. Munhuu operates a meat trading business out of a stall at the local market in his town, helped by his wife. He travels to the countryside to purchase and tra... More from Munhuu's previous loan »
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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