Update on TsevelmaaMrs. Tsevelmaa is a 47-year-old widow who lives with her 5 children in a ger in the Bayanhongor province of Mongolia. Her daughters, Uranchimeg, age 25, Shirenchimeg, age 24, and Odonchimeg, age 22, work in various fields for a living. Her sons, Amarjargal, age 9, is a primary school student and Bilguuntogoldor, age 2, goes to a local kindergarten. The borrower has been heading the family since her husband passed away; she has been running her butcher shop since 2006. Now she is starting a welding service at home by order and the butcher shop will be run by her older daughter. She is now requesting 2,000,000 MNT to purchase large amounts of meat products from herders and sell it to local customers at her daughter's counter. She is a hardworking, strong, and diligent woman.
Previous Loan DetailsTsevelmaa is a recent widow who lives with her five children, ages 1 to 24, in the Bayanhongor province of Mongolia. She and five of her children live together in a ger, a traditional Mongolian nomadic tent. Her older daughter, Shurenchimeg, works as a servant with a monthly salary of 140,000 MNT… More from Tsevelmaa'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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