Update on UranchimegMrs.Uranchimeg is a 38-year-old female head of family. She lives with her son on her sister's plot of land in the Songinohairhan district of Ulaanbaatar, Mongolia. Her son Bilguun, age 13, goes to the local school. The borrower has been running a clothing business in the local market since 2002. She has also been working as a tailor in local companies for years. She has gained a lot of experience and regular customers over the years. She is now requesting 3,500,000 MNT to purchase inventory for her clothing sales business. She is a hardworking, tough and honest woman who says "I need to raise my child to be highly educated and let him be able to live on his own someday".
Previous Loan DetailsUranchimeg is 38 years old and lives with her son in a ger, a Mongolian yurt, in her sister's yard in the Songinohairhan district of Ulaanbaatar, the capital of Mongolia. Her son is a student in public school. She started her business in 2002 by selling women's clothes and leggings in the streets.… More from Uranchimeg'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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