Update on GantulgaGantulga is 35 years old and lives with his wife and two children in a house in Suhbaatar province, Mongolia. His wife, Suvdaa, is 44 and works as a saleswoman at a children's clothes shop in a local shopping centre. His daughter, Odvogmedmaa, aged 11, is a primary school student and his son, Gan-Erdene, aged 2, goes to kindergarten.
Gantulga has been managing a wooden furniture manufacturing business since 2006 and he has experience in specialised Ger (Mongolian dwelling) manufacturing. Gantuga has built close relationships with his customers. He is a communicative and hardworking person. He is now planning to start a welding business as part of his furniture production business, since welding is necessary for his business and more profitable.
Gantulka is requesting 1,800,000 Mongolian Tugriks to purchase equipment, tools and inventory for his new welding business.
Previous Loan DetailsGantulga J. is 33 years old and lives with his wife and daughter in Suhbaatar province in central Mongolia. He and his family live together in a ger, a traditional Mongolian home tent, inside his brother's fence. His wife is currently unemployed and his daughter attends a local primary school.… More from Gantulga's previous loan »
More information about this loan
This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.
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