Update on MendgulMendgul is a 38-year-old woman who lives with her husband and three children in Bayan-Ulgii province in Western Mongolia. Two of her children study in the secondary school. Her husband is the assistant driver of a bus and, in addition, started selling cars in 2010.
Mendgul makes traditional clothes and souvenir products and trades them. The business has been profitable but they need a specific amount of finance (credit) to develop the business. Mendgul is a good-natured woman who says, "I would like to expand the business activity to improve the household and save for my three sons' future. I think this business is being better than previous." The total amount she is requesting is 2,000,000 MNT to buy cars for her husband's business.
Previous Loan DetailsMendgul D. is 36 years old and lives with her husband and three sons in the Bayan-Ulgii province of Western Mongolia. She and her family live together in a ger, a traditional Mongolian nomadic tent. Her two sons both attend a local secondary school and her husband works as an assistant driver of ... More from Mendgul'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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