Update on HurmanhanMr. Hurmanhan is 52-years-old and lives with his wife and three children in a house in the Hovd province of Mongolia. His wife is named Altagul and his son serves in the local military service. His daughter studies at university and his youngest son studies at the local secondary school.
Mr. Hurmanhan retired from military service and started his organic vegetable growing and sales business. He has years of experience and lots of help from his family. He grows organic vegetables on his and his brother's plot of land. He sells to retailers at the local market. He is a hardworking and diligent man who is requesting a loan of 6,000,000MNT in order to prepare for this year's plantation season and renovate his house before the weather gets cold.
Previous Loan DetailsHurmanhan is 51 years old and lives with his wife and three children in a small house he owns in Khovd province, Mongolia. His wife and older son serve in the Mongolian army, while another child is in college and a third is still in secondary school. In 2004, Hurmanhan went into the business of f... More from Hurmanhan'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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This loan has been fully funded!
- Repayment Term
- 38 months (Additional Information)
- Repayment Schedule
- Jun 12, 2013
- Jul 7, 2013
- Currency Exchange Loss:
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.