Update on MyagmarsurenMyagmarsuren is 31 years old and lives with his wife and son in ger (Mongolian yurt) in uvurhangai province, Mongolia. His wife is a cook in a local café and his son goes to kindergarden. He started his taxi service business in 2008 using his own car. He bought a car for his wife using the profits from his business. His business is stable and gives enough support to the family. However during the winter he loses a lot of money to pay the garage. This year, he is building his own garage in his yard therefore he is requesting 2,500,000 MNT to buy building materials. He has some experience in build a building therefore, he is not particularly worried about the construction work.
Previous Loan DetailsMyagmarsuren G. is 30 years old and lives with his wife and three-year-old son in Uvurhangai province of Mongolia. He and his family live together in a 'ger', a traditional Mongolian nomadic tent. His son is in a local kindergarten while his wife works as a cook in a local cafe. Myagmarsuren ... More from Myagmarsuren'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