Update on ChuluunbatMr. Chuluunbat is 41 years old and lives with his wife and 2 children in a house in the Huvsgul province of Mongolia. His wife Hishigtsetseg, age 39, works at a local company as an agriculturalist. His children (Baymbahorol, age 18, and son Baasanbayar, age 9) go to local schools.
The borrower has been running various businesses since 1990 and started his taxi service business in town in 2006. His wife is now starting her own business of organic vegetable growing on their plot of land and he is now requesting 1,500,000 MNT to purchase seeds and soils to let his wife start an organic vegetable growing and sales business. Both borrower and his wife are hardworking and diligent people.
Previous Loan DetailsChuluubat C. is 38 years old and lives with his wife and two children in Huvsgul province, Mongolia. He and his family live in a house. His two children, aged 15 and 12, both attend secondary school while his wife works in the agricultural sector. Chuluunbat owns his own car and is a taxi drive... More from Chuluunbat's previous loan »
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 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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