Update on BatmunhBatmunh is a 48-year-old man who lives with his wife and three children in Huvsgul province in Northern Mongolia. His oldest child studies at the university and the other two children go to secondary school. His wife is unemployed.
Batmunh started the business in 1994 and he produces iron-made utensils and other household stuff. It has been successful because there has been a demand among local customers. He also bought a small van with the business income and when the sales are low, he runs a taxi business sometimes. These have been the only financial resources for the family members.
Batmunh is a good-natured man who says, "I would like to develop my business activities by buying the materials wholesale so that I can save more and produce more at one time." The total amount he is requesting is 1,000,000 MNT to buy necessary materials.
Previous Loan DetailsBatmunh D. is 46 years old and lives with his wife and three children in a ger (a Mongolian nomadic home tent) in the Huvsgul province of Mongolia. His oldest daughter attends university while his younger two sons attend a local secondary school. Batmunh owns his own iron/metal work business p... More from Batmunh'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