Update on ErdenemunhMr. Erdenemonh is 49 years old. He lives with his wife and four children in a ger in Tosontsengel soum, Zavhan province, Mongolia. His wife, Suriyaragchaa, runs her own business, providing tailoring and cobbler services at home. His two sons, Gonchigsuren, age 21, and Ser-Od, age 19, and his daughter, Budhand, age 17, are all university students. His youngest daughter, Otgonsuren, age 8, goes to a local primary school.
Erdenemonh has been running his furniture manufacturing business since 2001, on their plot of land and he made it business in 2009. He is well-known in town, for his qualified products. He is requesting a 1,500,000 MNT loan, to purchase inventory (wood and other materials) at a low price. He will use it to produce more wooden furniture. Both Erdenemonh and his wife are hard-working and diligent people, who say, "We are working hard to develop all our children into educated and well-behaved people."
Previous Loan DetailsErdenemunh is 48 years old and lives with his four children and wife in a ger in the Tosontsengel province of Mongolia. His eldest son is a college student. His other two children are high school students. The youngest daughter attends kindergarten. His wife plants and sells vegetables. Erdenemunh… More from Erdenemunh'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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