Update on OchirbatMr. Ochirbat is 48 years old and lives with his wife and two sons in a house in Sansar district of Ulaanbaatar, Mongolia. His wife, Narantuya, age 47, runs their family business of traditional boot manufacturing together with her husband. His son, Lhagvadorj, age 21, works for a local private company and Ochirdorj, age 19, is a freshman at an engineering university. The borrower has been running his traditional boot manufacturing business at home since 1997. He has already built close relationships with customers and suppliers. He is now requesting 1,000,000 tugriks to purchase leather inventory before the lunar new year when the price of inventory falls to the minimum. He is a hardworking, responsible and trustful man.
Previous Loan DetailsOchirbat is a man who lives with his wife and two sons in Ulaanbaatar city, the capital of Mongolia. His wife is unemployed. His son is a college student. He started making traditional boots in 1997. Since that time, the quality of his products has improved and the number of customers has… More from Ochirbat'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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- Repayment Term
- 14 months (Additional Information)
- Repayment Schedule
- Jan 24, 2013
- Feb 24, 2013
- Currency Exchange Loss:
- Feb 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.