Update on BayarmunhMr.Bayarmunh is 40 years old. He lives with his wife and three children in a small house in the Bayanhoshuu area of Ulaanbaatar city, Mongolia. His wife stays home, providing tailoring services while she takes care of their newborn baby girl and her family. His two sons attend local public school.
In 2005, Bayarmunh was granted his certification as a Taekwondo trainer and he started his club to teach middle-schoolers. He has regular students, around 25 to 30 per month, to promote a healthy and active living ritual for children.
Bayarmunh is now requesting loan of MNT 3,000,000 to purchase insulation material to insulate the house, to provide warm and comfortable living conditions to his family during the harsh, Mongolian winter.
Previous Loan DetailsBayarmunh, 38, is married and lives with his wife and two sons in Songinohairhan district of Ulaanbaatar, the capital of Mongolia. His wife works as a salesperson for a company and his older son attends a local school; their younger son stays at home. They live in a ger, a Mongolian nomadic housi... More from Bayarmunh'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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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