Update on NarangerelNarangerel is 34 years old and lives with her husband and three children in a ger (Mongolian yurt) in Ulaanbaatar city, Mongolia. Her husband helps with her business, her elder two children are school students and her youngest child goes to kindergarden.
Narangerel started her business in 2009 by selling firewood and coal from home. She then built her own small shop to sell it. Now that winter is approaching, demand for her product is very high. Therefore she needs some financial support to meet her customers' demands. She is a sharp and hardworking woman who says, "My business is the only income for the family and I have three children to support therefore I have to do everything I can to support them". She is requesting a loan of 3,000,000 MNT to buy more wood.
Previous Loan DetailsNarangerel D. is 33 years old. She lives with her husband and three children in the Yaarmag District of Ulaanbaatar, the capital city of Mongolia. She lives with her family in a ger, a yurt or traditional Mongolian housing tent in a rented fenced area. Her oldest two children both attend a local… More from Narangerel'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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