Update on HajidmaaHajidmaa is 51 years old and lives with her son in an apartment in the Arhangai province of Mongolia. Her eldest daughter is a clerk in her retail business and her younger one goes to college. Hajidmaa started her business in 2000 by renting a space to run a barber shop. Also, she runs a garment retail trading business. Over the years she has acquired many regular customers. Now that winter is approaching, she needs to buy winter garments and some new equipment for her barber shop from China. She is a hardworking and diligent woman who says, "I will do everything I can for my daughter to get educated." She is requesting 2,500,000 MNT to buy equipment for her barber shop.
Previous Loan DetailsHajidmaa P. is a 41-year-old widow who lives with her son, Batzaya, in their own house in the Arhangai province of Mongolia. Her husband died in 2007. She manages a goods-trading business in her town. She started her business in 2000 with working capital of 350,000 MNT. With 11 years of stable… More from Hajidmaa'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
- Oct 5, 2011
- Oct 25, 2011
- Currency Exchange Loss:
- May 17, 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.