Check out some available loans that are similar to this one!
Otgonchuluun

Update on Otgonchuluun

Mr. Otgonchuluun is 49 years old. He lives with his wife and six children in a house in the Niseh district of Ulaanbaatar, Mongolia. His wife, Badamhand, works at an administration office of the administrative area. His older two children Lhagvatomor, age 24, and Lhagva-Ochir, age 22, are university students and lived in a dormitory during the previous loan term. His sons Osohbayar, age 17; Osohbat, age 16; and daughters Anujin, age 15; and Anudari, age 14, go to a local school.

He has been producing leather clothing at home for years as his business. He purchases leather and other inventory from the biggest local market at the lowest possible price and sells his finished goods to local customers.

He is now requesting 2,500,000 MNT (Mongolian tugriks) to purchase an eco-friendly, electric and gas consuming car to reduce the transportation costs of his business. He is an experienced, hardworking and modest man.

Previous Loan Details

Otgonchuluun is 47 years old and lives with his wife and four of his children in a house in Ulaanbaatar, the capital of Mongolia. His older two sons, age 21 and 23, attend college while the younger four go to a secondary school. He manages a leather clothing making business with the help of h... More from Otgonchuluun's previous loan »

Additional Information

More information about this loan

This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

About XacBank

This 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.

About Mongolia

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,377.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,825 helped Otgonchuluun to purchase an eco-friendly, electric and gas consuming car to reduce the transportation costs of his business.
87% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Jan 2, 2013
Listed
Jan 31, 2013
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2015
This photo was used before for a previous loan for Otgonchuluun. It was first posted on Kiva on Aug, 2011. Learn More