Update on MendbayarMendbayar is 34 years old and lives with his wife and two kids in a 'ger' (Mongolian yurt) in Uvurhangai province, Mongolia. His wife looks after his children; their elder kid attends school and the younger one is a kindergarden student. He started his carpentering business in 2007. He makes a wide range of products including tables, chairs, beds, etc. His work is highly qualified and elegant. He is well equipped. Now that Mongolian holiday season is approaching, his product demand is increasing. Therefore, he's requesting 1,500,000 MNT to buy raw materials.
Previous Loan DetailsMendbayar, 33, is married and lives with his wife and two children in Uvurhangai province in Mongolia. His son attends school and his daughter goes to a kindergarten. They live in a 'ger', a Mongolian nomadic housing tent, and they have been residing at this place for 4 years. Mendbayar start... More from Mendbayar'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