Update on BumtsendBumtsend is 61 years old lives with his children and wife in a ger, a Mongolian yurt, in Ulaanbaatar city in Mongolia. His two children are high school students. His wife helps him to manage the family business. He started his business three years ago by selling wood and coal at the local market. He buys a truckload of coal at the price of 280,000 MNT. Then he packs the coal into smaller bags, and each bag costs 850 MNT. Aside from the coal, he also sells wood. On average, 5 truckloads of coal are sold each month. During the winter he sells coal and wood, and in summer he makes bricks. He is a diligent and hardworking man who says, "I want to expand my business and I have a plan to buy a truck for my business." He is requesting a 1,500,000 MNT loan to buy coal.
Previous Loan DetailsBumtsend B. is 60 years old and lives with his wife and two daughters in the Songinohairhan district of Ulaanbaatar, Mongolia's capital city. He and his family live in a ger, a traditional Mongolian nomadic tent and fence. His two daughters are attending secondary school. Bumtsend operates a fire... More from Bumtsend'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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Success!! The loan was 100% repaid
- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Sep 16, 2011
- Oct 6, 2011
- Currency Exchange Loss:
- Jan 15, 2013
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.