Update on ChuluunChuluun is a 50-year-old woman who lives with her two children in a ger (Mongolian yurt) in Ulaanbaatar, Mongolia. Her elder child is now employed and the younger one is a college student. She started her meat retailing business in 2000 by renting a counter in a market. Over the years she gained many trusted suppliers and regular customers. Now that her child is in college, she needs to expand her business. She rented another counter in a market; however, she needs 2,500,000 MNT in order to buy more meat at wholesale prices to run the counter.
Previous Loan DetailsChuluun is 49 years old and lives with her two children and one grandchild in a house in Sansar area, Ulaanbaatar, capital city of Mongolia. Her two children, ages 19 and 22, both go to a college. She manages a meat trading business at a rented booth at a local market. She started her busi... More from Chuluun'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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