Update on OtgonMrs. Otgon is 38 years old and lives with her husband, daughter and her mother in a Ger (Mongolian housing tent) in the Uvurhangai province of Mongolia. Her husband, Erdenechuluun, is working at a construction site in Ulaanbaatar temporarily. Her daughter, Enhzaya, age 15, goes to a local secondary school. Her mother stays home.
Otgon has been running her animal hides and pelt retail business since 2000. She has a lot of experience and a large network within the business. She is now requesting 3,000,000 MNT (Mongolian tugriks) to purchase a large amount of animal pelt and hides since this is the high season in which locals purchase meat in large quantities. She is a hardworking and well-experienced woman.
Previous Loan DetailsOtgon is a 37-year-old woman who lives with her husband, mother and a daughter in the Uvurhangai province of Central Mongolia. Her husband is unemployed and her mother is too old and stays at home. The daughter studies at the secondary school. She worked for the animal hides sales center ... More from Otgon'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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