Update on ErdenebilegMrs. Erdenebileg is 48 years old and lives with her husband, in a house in the Bayanhoshuu area of Ulaanbaatar, the capital city of Mongolia. Her husband, Otgonbayar, works at an auto repair company. Her two children are married and live apart.
Erdenebileg has been working at a tailoring company since 2003, and she has a lot of experience in the tailoring business. In addition, she has tailored clothes for her children, other relatives, and friends from time to time.
She has been running her business successfully and now needs an additional investment to purchase a large amount of inventories to meet client orders on time. She has received large number of orders because of Lunar New year celebration preparation.
She is requesting a loan of 1,500,000 Mongolian tugriks (MNT) to purchase inventory to meet orders on time and please her clients. She is a hardworking, helpful and well-experienced woman.
Previous Loan DetailsMrs. Erdenebileg is 48 years old and lives with her husband, in a house in the Bayanhoshuu area of Ulaanbaatar, the capital city of Mongolia. Her husband, Otgonbayar, works at an auto repair company. Erdenebileg has been working at a tailoring company since 2003, and she has a lot of experience in… More from Erdenebileg'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!
- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Dec 24, 2013
- Jan 23, 2014
- 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.