Update on Munh-YurtuntsMrs. Munh-Yurtunts is 37 years old and lives with her daughter in a ger on her sibling's plot of land in the Uvurhangai province of Mongolia. Her daughter, Doyoddulam, is 14 years old and studies at the local school. Munh-Yurtunts started her business of clothing sales in a rental stall at a local market in 2002. She has built close relationships with her customers and wholesalers in China over the years. She has good loan records on her previous loans at XacBank. She is requesting a loan of 1,200,000 MNT to purchase clothing inventory from Erlian, China, to sell from her stall in the local market.
Previous Loan DetailsMunh-Yurtunts is 34 year old and lives with her daughter in Uvurhangai province in central Mongolia. She and her two sons live in a ger, a traditional Mongolian nomadic tent in her sister's fence. Her daughter attends a local secondary school. Munh-Yurtunts operates a clothing retail business out… More from Munh-Yurtunts'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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