Update on JanarbekJanarbek is 31 years old and lives with his wife and three children in his own house in Bayan-Ulgii province, Mongolia. His wife is unemployed; his elder son is 8 years old and goes in local primary school, his two younger daughters, 5 and 3 years old, go to kindergarten.
Janarbek has been doing a car repair on call service since 2000. Now he has managed to establish his own auto repair center, and he buys old cars to repair and sell. He is a courteous and decent man who says, "Enlarging my auto repair center will benefit my business." He needs a 1,500,000 MNT loan to buy old cars.
Previous Loan DetailsJanarbek is 30 years old and lives with his wife and three children, aged between 2 and 7, in Bayan-Ulgii province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic housing tent. His oldest son attends a local primary school while his youngest two daughters ar... More from Janarbek'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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