Update on SerikbaiSerikbai is 41-years-old and lives with her five children in a ger, a Mongolian yurt, in the Bayan-Ulgii province of Mongolia. Two of her children are college students and three children are high school students.
She started her business to sell meat to the local market many years ago and has a lot of business and work experience. Starting this year, she increased her business activity and is now selling meat at two different places. She is a hard working woman who says "I have a plan to expand my business and earn more profits. With the profits that I earned, I want to provide a good education to my children." She is requesting a 800,000 MNT loan to increase her turnover capital and buy livestock from the countryside.
Previous Loan DetailsSerikbai S. is a 40-year-old widow who lives with her five children in a ger, a Mongolian traditional nomadic housing tent, in the Bayan-Ulgii province of Mongolia. Her older two children, age 17 and 19, are students, while younger three, age 6, 10 and 16, are pupils. In 1994 she started a… More from Serikbai'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
- 26 months (Additional Information)
- Repayment Schedule
- Sep 23, 2011
- Oct 8, 2011
- Currency Exchange Loss:
- Sep 15, 2012
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.