Update on ChimedChimed is a 37 years old and lives with his wife and 4 kids in a ger, Mongolian yurt, in Uvurhangai province of Mongolia. He is a professional plumber and he does it part time. His wife helps with his clothing trading business. Two kids are in school and 2 others are in day care. He started his business in 2005 by renting a counter in a market to sell garments. He is very well known for his stylish and high-quality clothes. He is a capable and diligent man who says "I love what I do, I live a fulfilled life and I have a bright vision for my kids to graduate college " He is requesting 2,200,000 MNT to buy winter clothes and to increase his assets.
Previous Loan DetailsChimed, 37, is married and lives with his wife and three sons in the Uvurhangai province of Mongolia. They live in a rented house. They used to live in a small village and came to the province center four years ago. Two of his sons attend local primary school. He started his clothing business… More from Chimed'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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