Update on UlanbayarUlanbayar is 25 years old and lives with her parents and sisters in a ger, a Mongolian yurt, in the Uvurhangai province of Mongolia. Her sisters are high school and university students. Her parents sell food and snacks. She graduated from a hairdresser's training course in 2005 and started her business in 2006. Now she provides hair care service at the local market. She has many years of business and work experience. She plans to expand her business, buy necessary equipment and tools, and decorate her commercial space to attract more customers. She is a diligent, hardworking, and energetic woman who says, "I want to have customers and provide the best service I can give. To do this, I need to have equipment and tools and attractive commercial space." She is requesting a 2,500,000 MNT loan to buy necessary tools and to decorate her commercial space.
Previous Loan DetailsUlanbayar T. is a 24-year-old single lady who lives with her parents and two siblings in their own house and fence in the Uvurhangai province of Mongolia. Her parents operate a grocery and consumer goods mobile trading business. Ulanbayar operates a hair salon out of a rented space at the local t... More from Ulanbayar'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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