Update on ChinzorigMr. Chinzorig is 45 years old and lives with his wife and three children in a ger in Tosontsengel soum of Zavhan province of Mongolia. His wife, Manibadar, works as a supervisor at a public water well. His daughter Sosorburam and son Sanjaadorj, ages 21 and 17, are university students. He has been running a business selling wooden furniture and Mongolian ger parts since 2009. His wife has started working and the family income has increased a bit. His two children studying at university with their tuition fees and living expenses account for most of the family's expenses.
Mr. Chinzorig has been running his business for the last few years and has already built a close client base within his area. He is now requesting 1,650,000 tugriks to pay for his two children's university tuition and living expenses. He and his wife are diligent, hardworking and responsible people.
Previous Loan DetailsChinzorig is 44 years old and lives with his three children and wife in Tosontsengel in Mongolia. His wife helps the family business and also plants vegetables. He started his family business in 2009 with his wife by selling retail goods and materials. He and his wife used to manage different typ... More from Chinzorig's previous loan »
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
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