Update on AdiyasurenMr.Adiyasuren is 57 years old and lives with his wife and two children in a 'ger' in Uvurhangai province of Mongolia. His wife Handsuren and his two younger children help him to run his business of traditional Ger manufacturing.
Adiyasuren has been running his business since 1993 and has good previous loan records since 2001. He has been expanding his business and employs both his children for decorating part of the Ger manufacturing and to teach them his wisdom and talent. He is now requesting 2,700,000 MNT to purchase a large amount of wooden planks to produce traditional Ger with fancy decorations for newly-weds in his town. He is little bit of a 'tough old bird' but is very responsible and a hardworking person.
Previous Loan DetailsAdiyasuren S., 54, lives with his wife and three children in Uvurhangai province, Mongolia. He and his family live together in a 'ger', a Mongolian nomadic housing tent. They have been living together in their current home for 20 years. Adiyasuren operates a wooden products manufacturing busin... More from Adiyasuren'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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This loan has been fully funded!