Update on HuatHuat lives with his wife and a son in Bayan-Ulgiy province in Western Mongolia. His son studies at a local secondary school and his wife is retired. He started his food market business in 1998. Since 2006, due to changes in the building, he started retailing motorcycles and spare parts with the previous business assets. The business has been profitable because the need for motorcycles always exists in the countryside. He is an experienced businessman in trading. Huat is a responsible and resourceful man who says that "I would like to expand the business activity by purchasing a few motorcycles ans I plan to sell them in the countryside". The total amount he is requesting is 3,000,000 MNT to buy the motorcycles.
Previous Loan DetailsHuat U. is 51 years old and lives with his wife and son in Bayan-Ulgiy province, Mongolia. He and his family live in a ger (a Mongolian nomadic tent). His son, Ahjol, attends a local secondary school and his wife, Sheker, is retired. During the day, Huat operates an auto spare parts trading busi... More from Huat'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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