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Ganbold

Update on Ganbold

Mr. Ganbold is 51 years old and lives with his wife and two children in a small house in the Bayanhongor province of Mongolia. His wife, Tsend-Ayush, age 50, helps her husband to run his wooden furniture manufacturing business, and she works as painter. His daughter, Dondmaa, age 23, and son, Enhbaatar, age 22, study at university.

He has been manufacturing wooden furniture on their plot of land. He built a non-insulated workplace on their land, and now he is planning to insulate it to be able to work four seasons of the year. He is now requesting 3,000,000 MNT (Mongolian tugriks) to purchase insulation material and inventory for his newly built workplace. He is a hardworking and friendly man.

Previous Loan Details

Ganbold, 49, is married and lives with his wife and two children in Bayanhongor province of Mongolia. They live in a house on land that they have owned for 21 years. His two children attend college and his wife helps him with the business. Ganbold started his carpentry business with his wife i... More from Ganbold'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
  • 1,382.4
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,175 helped Ganbold to purchase insulation material and inventory for his newly built workplace.
90% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 28, 2013
Listed
Feb 24, 2013
Currency Exchange Loss:
Possible
Ended:
Aug 17, 2014
This photo was used before for a previous loan for Ganbold. It was first posted on Kiva on Feb, 2011. Learn More