Update on OuynchimegOuynchimeg is 35 years old, lives with her husband and two sons in a small house in Bayan-Ulgii in the province of Mongolia. Her husband, Ganzorig, is partly disabled, receives a small amount of pension from the government, is currently unemployed and looking for job. Her two sons attend local secondary and primary school.
Ouynchimeg started her grocery shop on her plot of land near public schools in 2010 and is already well-known on the street with her good service and qualified products. Her husband helps her to purchase inventory from the local market and transport it to their small shop. She is now requesting a loan of 4,500,000 MNT to purchase a large amount of inventory to sell during her high season of academic year starts. She is a hardworking, diligent and friendly woman.
Previous Loan DetailsOuynchimeg, 34, lives with her husband and 2 sons in Bayanulgii province, Mongolia. Her older son is a secondary school student and younger son is a Kindergarten student. Ouynchimeg started a grocery store business in 2010. Her husband helps with her business. The grocery products she sells are not… More from Ouynchimeg'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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