Update on MunhzulMunhzul is 46 years old and lives with his wife and three children in Hovd province in Western Mongolia. His wife is a shop assistant. His oldest daughter is a college student and the next oldest daughter is a high school student.
He has been running a food store business since 2004. He brings the supplies from the city and his wife works there. This is the only source of finance for the family members and they have many regular customers, who appreciate the goods and the service.
Munhzul is a bright man, who says that "I would like to expand my business by getting the supplies in large quantities, so that I could save more for the family needs, especially for my daughters college tuition fees".
The total amount he is requesting is 2,000,000 MNT to purchase the food store supplies.
Previous Loan DetailsMunhzul H. is 44 years old and lives with his wife and three children in Hovd province in western Mongolia. He and his famliy live in a ger, a traditional Mongolian housing tent. He currently operates a food retail business in his town, traveling to purchase the products and supplies for the busi... More from Munhzul'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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