Update on MyagmardorjMr. Myagmardorj is 40 years old and lives with his three children in a ger in Hovd province, in Mongolia. Two of his children go to secondary school, and one of them is a college student. His wife has seasonal work. She works at a wool processing factory from April until December and also works in the food industry from December until March. Her position is part time, so she helps with husband's business in her free time.
Mr. Myagmardorj has been running a organic vegetable retailing business since 2011. During his free time, he runs a taxi service, which he started in 2004 with his own car. This year he planted organic vegetables in a 2-hectare garden. He sells his business's products at wholesale prices in the spring and autumn. During winter and springtime, organic vegetable prices will increase, therefore, he needs to build a vegetable storage pit to store vegetables. He is a hard-working and modest person who says ''my goal is to construct my own house, so I'm collecting construction materials. It will be finished next year.'' He is requesting a loan of 1,500,000 MNT to build an organic vegetable storage pit.
Previous Loan DetailsMyagmardorj T. is 38 years old and lives with his wife and three children in Hovd province, Mongolia. He and his family all live together in their 'ger,' a Mongolian nomadic housing tent. His two older children attend secondary school while his young daughter is in a local kindergarten. His wife ... More from Myagmardorj'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.
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Success!! The loan was 100% repaid