Update on OyunchimegMrs. Oyunchimeg is 56 years old and lives with her husband and two grandchildren in a ger in the Hovd province in Mongolia. Her husband, Pagma, runs a taxi service within the town. Her children married and moved out of their parents' house. Her grandchildren Enhtemujin, age 3, and Enhtemulen, age 1, stay home with her because their parents go to work and they have not reached kindergarten age yet. Mrs. Oyunchimeg has been running her tailoring business at home since 1991. She used to work at a state-owned tailoring company for years. She has built a strong relationship with suppliers and customers. She is now requesting 1,600,000 MNT to purchase inventory for her tailoring business from Ulaanbaatar at a cheaper price. She is a hardworking and kind person.
Previous Loan DetailsOyunchimeg S. is a 54 years old married woman with two adult-aged children in Hovd province of western Mongolia. She and her family all live together in a ger, a traditional Mongolian nomadic housing tent. Her oldest son works in the executive branch of the judicial system while her youngest… More from Oyunchimeg'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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Success!! The loan was 100% repaid