Update on Munh-ErdeneMr. Munh-Erdene is 26 years old. He lives with his wife and two children in a ger (a Mongolian housing tent) in the Arhangai province of Mongolia. His wife, Naranchimeg, 26, stays at home with her younger son, Lhamjav, age 1. His daughter, Mongonchimeg, 6, is a primary school student.
He has been operating a clothes retail business since 2008. He has planned to expand his business to increase the family income since he and his wife had a baby and family expenses increased. He is now requesting a 3,000,000 MNT (Mongolian tugriks) loan to purchase clothes from China and sell them in his rental counter at the local market. He is an honest, responsible and hardworking man.
Previous Loan DetailsMunh-Erdene B. is 23 years old and lives with his wife and daughter in Arhangai province, central Mongolia. Munh-Erdene operates a retail clothing business which he began in 2008. He has proved to be a very hard-working entrepreneur with a lot of business and customer-service experience. He hopes… More from Munh-Erdene'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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